Tesla sales fell sharply in Q2 as Musk backlash and competition chipped away at company's dominance
The company reported a 13% plunge in sales on Wednesday in another sign that Musk's embrace of U.S. President Donald Trump and far-right politicians in Europe has had a deep and enduring hit to Tesla's brand appeal. The new figures also suggest that Tesla could disappoint when it announces second quarter earnings later this month. In the first three months of this year, net income fell 71%.
Sales fell to 384,122 in April through June, down from 443,956 in the same period last year. During this period, Musk formally left the Trump administration as a cost-cutting czar and hopes rose that sales would recover.
Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts. Tesla shares rose about 1.5% in early trading.
Tesla is also facing stiff competition from other electric makers, especially in Europe where China's BYD has taken a bite out of its market share.
Musk has acknowledged that his work as head of the Department of Government Efficiency and his embrace of European far-right candidates have hurt the company. But he attributed much of the sales plunge to customers holding off while they waited for new versions of Tesla's best selling Model Y, and recently predicted a major turnaround in sales.
The new figures come as the company is focusing less on coming out with new models and more on robots, self-driving technology and robotaxis ferrying passengers around without anyone behind the wheel.
Tesla is in the midst of a test run of robotaxis in Austin, Texas, that seems to have gone smoothly for the most part. But it also has drawn the scrutiny of federal car safety regulators because of a few mishaps, including one case in which a Tesla cab was shown on a widely shared video heading down an opposing lane.
Bernard Condon, The Associated Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
12 minutes ago
- Business Insider
‘Palantir Poses a Grave Threat to Americans,' Says Former U.S. Secretary of Labor
Former U.S. Secretary of Labor Robert Reich recently wrote in The Guardian that Palantir Technologies (PLTR) is a 'grave threat to Americans.' This is because he believes it's at the center of a dangerous mix that involves artificial intelligence, military power, mass data collection, and growing influence from tech billionaires who don't support democracy. Interestingly, it was reported earlier this year that Palantir was chosen by the Trump administration to help collect and combine huge amounts of personal data from agencies like the IRS, Department of Defense, and Homeland Security. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. As a result, Reich warns that this AI-powered 'super-database' could be used to go after immigrants, punish political opponents, and spy on everyday Americans, all under the name of government efficiency. Reich compares Palantir to the 'palantír' in The Lord of the Rings, a powerful object used to twist reality and manipulate people. Palantir's software already helps the military and law enforcement analyze personal data, and its CEO, Alex Karp, has said that the company's mission includes disrupting institutions, scaring enemies, and even eliminating them. But Reich's bigger concern is who is guiding it. Peter Thiel, Palantir's co-founder and biggest investor, helped Trump pick government advisors, many of whom used to work for him. Thiel has said that he prefers the politics of the 1920s, a time before women's voting rights and social programs, which Reich sees as a clear rejection of modern democracy. He believes that people like Thiel are using their money and power to reshape the government in ways that benefit themselves, not the public, by helping Trump build tools that could silence critics and control the population. Take Reich's Views with a Grain of Salt However, it is worth noting that Robert Reich served as a Democrat and likely has some bias. After all, it's not like the Democratic Party itself is free of faults. Indeed, in a candid three-hour interview on the 'Joe Rogan Experience' earlier this year, Meta (META) CEO Mark Zuckerberg criticized the Biden administration for pressuring Facebook to censor COVID-19 content—even content that was true—while also admitting that his company went too far in complying with censorship demands, especially around the 2016 election. In addition, he revealed that government officials aggressively contacted Meta to demand the removal of satirical content and threatened consequences if action was not taken. Reflecting on these events, Zuckerberg said that he regretted falling into media narratives about misinformation and election interference, and described Meta's fact-checking system as overly biased and reminiscent of George Orwell's 1984. Separately, it is also worth noting that Karp previously pushed back against claims that Palantir had been involved in creating a database of personal information on Americans for the Trump administration. Is PLTR Stock a Buy? Turning to Wall Street, analysts have a Hold consensus rating on PLTR stock based on three Buys, nine Holds, and four Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average PLTR price target of $105.29 per share implies 20.2% downside risk.
Android Authority
13 minutes ago
- Android Authority
US Mobile's firecracker $249 Pixel 9 deal is coming back for the Fourth of July
Edgar Cervantes / Android Authority TL;DR US Mobile is bringing back its $249 Pixel 9 deal for new and existing customers. The offer discounts the Google flagship by a whopping 68% The deal goes live on Friday, July 4, 2025. US Mobile is once again getting ready to offer its wild Pixel 9 deal, which will see the $799 phone drop down to just $249 on the carrier. The deal is valid for both new and existing US Mobile customers. The only catch is that the device will be locked to the carrier's network for 90 days of active service. New subscribers can avail themselves of the $249 Pixel 9 promotion on US Mobile with any unlimited plan, including Unlimited Flex, Unlimited Starter, or Unlimited Premium. Existing US Mobile subscribers on Unlimited or By-the-Gig plans for 90+ days can also participate in the Pixel 9 beta without switching their plans. The new US Mobile deal on the Pixel 9 goes live tomorrow, Friday, July 4, at 11 AM ET and will remain available while supplies last, so hurry up and snag your $249 Pixel 9 before stocks run out. The carrier has already sold out this deal twice before, so there may not be another chance for you to grab the flagship Pixel at this low price. Got a tip? Talk to us! Email our staff at Email our staff at news@ . You can stay anonymous or get credit for the info, it's your choice.
Yahoo
14 minutes ago
- Yahoo
'I felt helpless': Bolton councillor hacked on holiday issues cybersecurity warning
A Bolton councillor has issued a stark warning about online safety after falling victim to a sophisticated cyber attack while on holiday in Spain. Cllr Andrea Taylor-Burke, who also works as a financial director at Bolton-based tech firm In4tech Ltd, had her personal email and bank accounts compromised while enjoying a break in Benidorm. What began as a relaxing evening turned into a two-hour fight to regain control of her digital life after she received a series of unexpected notifications. Cllr Andrea Taylor-Burke had her accounts hacked whilst she was on holiday. (Image: Martini Archive) First, a bank alert for a £28.99 transaction in Canada, followed by password change emails and then a chilling "ransom" message from a hacker claiming full access to her data. 'I have taken control of your email account,' the message read. 'I have access to all of your online accounts and I know your passwords. 'Pay me £500 or I will share your personal details and photos online.' The hacker was not bluffing. Within minutes, they had accessed Cllr Taylor-Burke's online subscriptions, catalogue accounts and even began impersonating her in chatrooms. READ MORE: Worst of cyber attack impact to be over by August, says M&S boss Morrisons 'bounces back' from cyber attack despite pressure on shoppers They also uploaded a photo of themselves to her profile and gained access to sensitive financial details through her Google Wallet. 'The hacker was very advanced and ultimately telling the truth,' Cllr Taylor-Burke said. 'Not only was he using my bank card, but he was also logging into accounts I have with catalogues and subscriptions to change those passwords. 'He was chatting to people posing as me in chat rooms and all this in under 30 minutes.' The hacker was able to gain access to Andrea's accounts through Google Wallet. (Image: Martini Archive) Thankfully, her husband, who is an IT professional, had brought his work laptop on holiday and was able to launch what became a two-hour battle to kick the hacker out of her accounts. Andrea added: 'At the start, as quickly as we changed the passwords, he had them again. 'He had full control of my Google account and was seeing what we were doing. "This included my Google Wallet, which meant when the new card was issued by my bank this was instantly uploaded…so he was using the new card before I had even received it in the post.' She said: 'What would have happened if I wasn't married to an IT professional? "I'd have lost everything, all those precious photos of my babies, holidays, occasions and memories of my late mother.' Now, she is urging others to take urgent action to secure their digital lives. Andrea said: 'Workwise we all have extra security with two-step authentication, but like so many others it's easy to neglect your personal accounts. 'Hackers don't just attack big companies, they attack the smaller vulnerable people… those who don't know how to protect themselves or recover. 'What would you have done in my situation if you didn't have a IT professional to hand….pay the £500 ransom or risk losing all your personal details, photos and email accounts. "Can you risk this happening to you? 'Cybersecurity is so important. Are you secure?' Earlier this week, the boss of supermarket chain Marks & Spencer has said he hopes to have the majority of the impact from its damaging cyber attack 'behind us' by August. It comes after M&S was forced to halt online orders after it was targeted by hackers in April. Customer personal data – which could have included names, email addresses, postal addresses and dates of birth – was taken during the attack. M&S revealed that the hack was caused by 'human error' and would cost it around £300 million. If you have been the victim of a scam, fraud or online crime (cybercrime) you can report it to Action Fraud on 0300 123 2040 or on its website.
