Elon Musk makes bold promise after Tesla profits plummet: '[Will] move the financial needle in a significant way'
After missing multiple self-imposed deadlines for scaling up commercial robotaxi operations, Tesla has made a new pledge. CEO Elon Musk promised to "move the financial needle in a significant way" by late next year, as Reuters reported.
Investors are understandably enthused but skeptical.
"I predict that there will be millions of Teslas operating fully autonomously in the second half of next year," Musk said in the latest earnings call, per Reuters.
Musk previously predicted to have one million robotaxis in operation by 2020. He was quoted in 2019 as saying, "Next year, for sure, we'll have over 1 million robotaxis on the road," according to the publication.
Brian Mulberry, client portfolio manager at Tesla investor Zacks Investment Management, has confidence in the most recent commitment based on the safety record and technology advancements.
Tesla committed to launching a robotaxi service in Austin, Texas, by June and is currently poised to begin testing stages. However, the company's method of gathering testing data is uncertain. The plan for the Austin launch is to start with 10 or 20 Model Y vehicles, and as long as all goes well, it intends to expand rapidly after that.
Teslas and Tesla charging stations have recently become targets of vandalism for EV skeptics and those who oppose Musk's appointment as a Special Government Employee for the Department of Government Efficiency (DOGE) under the current administration, as well as his activities within it. This is thought to be the cause of a 13% decline in Tesla's vehicle sales in the first quarter of 2025, compared to Q1 2024.
In contrast, overall EV sales have been on the rise, up 11% in the first quarter of 2025.
When drivers switch from a gas-powered vehicle to an EV, they reduce their carbon footprint substantially since EV operation does not produce the air pollution that a traditional vehicle does. It is an environmentally friendly option that reduces the negative impact of transportation on the planet. EVs also save consumers money over time, as they cost less to run and require less maintenance.
It may be possible for Tesla to regain some of its market share if the company can stay committed to the robotaxi expansion timeline. Reuters confirmed that Tesla stuck to its June timeline in Austin, which is inspiring confidence in investors that Musk's time in the White House is not causing delays, as previously theorized.
Blake Anderson, associate portfolio manager at Tesla investor Carson Group, was quoted as saying that "the fundamental inflection" that "we're all hoping for" is imminent.
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