Day: 24 July 2024

Tesla’s shares dropped in U.S. pre-market trading following the electric car maker’s Q2 earnings report, which fell short of expectations.

The company saw a 7% year-on-year decrease in automotive revenue for the June 2024 quarter, down to $19.9 billion, and a decline in its ‘adjusted’ earnings margin.

Investors are divided on Tesla’s stock, with some concerned that the core car business is struggling, while others remain optimistic about Musk’s vision for autonomous driving.

Tesla continues to lead in U.S. electric vehicle sales, yet it’s facing declining market share as competitors emerge, partly due to its older range on offer and Elon Musk’s occasional controversial public statements.

Attention has shifted to other aspects of Tesla’s narrative, such as the anticipated introduction of a new mass-market vehicle to refresh its vehicle lineup. Musk reportedly re-affirmed that Tesla plans to launch an ‘affordable’ car in the upcoming year.

Tesla 3-year share price chart as at: 23rd July 2024

The earnings also highlighted his robotaxi vision. Musk shared his ‘expectation’ of a future where Tesla owners could allow their vehicles to operate in an Uber-like ride-hailing environment, with the cars driving autonomously.

And then we have the prospect for the greatly hyped arrival of Tesla’s humanoid robot due in 2025.

As we all know – Musk does much more than EVs.