Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
The EV company run by Elon Musk reported Wednesday that net income last year dropped 46 per cent to USD3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk’s promise to remain laser-focused on the company after a foray into US politics.
Still, Tesla investors have kept the faith in Musk. The stock is up 9 per cent in the past year.
Musk has been urging investors to focus less on car sales and more on what he considers a bright new artificial intelligence future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents.
On a conference call, Musk underlined that shift by announcing Tesla had decided to close down production of t​Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
The EV company run by Elon Musk reported Wednesday that net income last year dropped 46 per cent to USD3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk’s promise to remain laser-focused on the company after a foray into US politics.
Still, Tesla investors have kept the faith in Musk. The stock is up 9 per cent in the past year.
Musk has been urging investors to focus less on car sales and more on what he considers a bright new artificial intelligence future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents.
On a conference call, Musk underlined that shift by announcing Tesla had decided to close down production of t ​Latest News [ SOBAN NEWS: International and National ]
