EV maker Telsa sees collapse in sales
Tesla faces increasing competition from rivals, including China's BYD. Musk's controversial role as a government efficiency czar in the Trump administration has also been blamed for the plummeting numbers.
Musk has since left the role – but has publicly sparred with US President Donald Trump over a massive spending bill pushed by the White House.
In response, Trump floated cutting the subsidies received by Musk's firms or even deporting him. Trump suggested that the ad-hoc Department of Government Efficiency – known as Doge – could be used to harm the billionaire's companies.
'Elon may get more subsidy than any human being in history, by far', Trump wrote on social media. 'Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!'
'I am literally saying CUT IT ALL. Now,' Musk replied.
Trump has said that Musk's opposition to the spending bill stems from a provision that removes incentives to buy electric vehicles. 'He's upset that he's losing his EV mandate, he's very upset, he could lose a lot more than that, I can tell you that,' Trump told reporters on Tuesday.
Though the quarterly deliveries metric is tracked closely by investors, some analysts have shrugged off the figures.
'The good news: that ~14% should mark the bottom', wrote Deepwater Asset Management's Gene Munster on Musk's social media site X. 'I have September down 10% and December flat'. Munster said he expected uncertainty about the US EV tax credit to boost near-term sales as buyers scramble to purchase before it expires.
Tesla's push into robotaxis which kicked off in Austin, Texas last month in uncertain fashion could prove critical, he said. 'Over the next two years, I think investors will be fine with flat deliveries as long as autonomy shows measurable progress,' Munster added.
Source: BBC News
Image Credit: Tesla
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ARN News Center
an hour ago
- ARN News Center
Trump says he expects Hamas decision in 24 hours on 'final' peace proposal
US President Donald Trump said on Friday it would probably be known in 24 hours whether Hamas has agreed to accept what he has called a "final proposal" for a ceasefire in Gaza. The president also said he had spoken to Saudi Arabia about expanding the Abraham Accords, the deal on normalisation of ties that his administration negotiated between Israel and some Gulf countries during his first term. Trump said on Tuesday Israel had accepted the conditions needed to finalise a 60-day ceasefire with Hamas, during which the parties will work to end the war. He was asked on Friday if Hamas had agreed to the latest ceasefire deal framework, and said: "We'll see what happens, we are going to know over the next 24 hours." A source close to Hamas said on Thursday the group sought guarantees that the new US-backed ceasefire proposal would lead to the end of Israel's war in Gaza. Two Israeli officials said those details were still being worked out. Dozens of Palestinians were killed on Thursday in Israeli strikes, according to Gaza authorities. The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered in October 2023 when Hamas attacked Israel, killing 1,200 and taking about 250 hostages, Israeli tallies show. Gaza's health ministry says Israel's subsequent military assault has killed over 56,000 Palestinians. It has also caused a hunger crisis, internally displaced Gaza's entire population and prompted accusations of genocide at the International Court of Justice and of war crimes at the International Criminal Court. Israel denies the accusations. A previous two month ceasefire ended when Israeli strikes killed more than 400 Palestinians on March 18. Trump earlier this year proposed a US takeover of Gaza, which was condemned globally by rights experts, the UN and Palestinians as a proposal of "ethnic cleansing".
Zawya
an hour ago
- Zawya
Dollar slips versus major currencies as US tariff deadline looms
The dollar slipped against other major currencies on Friday after President Donald Trump got his signature tax cut bill over the final hurdle and pressure mounted on countries to secure trade deals with the United States. The U.S. currency had rallied on Thursday after stronger than expected U.S. jobs data pushed out the timing for potential rate cuts by the Federal Reserve. But the dollar index, which tracks the currency against major peers, is headed for a second-straight weekly decline. The Republican-controlled House of Representatives narrowly passed Trump's "One, Big, Beautiful Bill" of spending and tax cuts that is estimated to add $3.4 trillion to the country's $36.2 trillion debt. Trump is expected to sign the bill into law on Friday. With the U.S. closed for Independence Day, attention turns to Trump's July 9 deadline when sweeping tariffs take effect on countries like Japan that have not yet secured trade agreements. "The appetite for the dollar is waning because, one, the U.S. debt worries are rising and appetite for U.S. debt is at risk," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. "And also because of the fact that the tariff situation and trade disruptions are going to have a negative impact on growth for the U.S. and the Fed will not necessarily be able to support the economy when inflation risks are rising." The dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the U.S. economy and the safety of Treasuries. The U.S. currency has fallen more than 6% since April 2, which was when the U.S. announced tariffs on the world, and had hit the lowest in more than three years against the euro and British pound earlier in the week. The dollar index edged 0.1% lower to 96.92, trimming its 0.4% advance on Thursday. The euro added 0.2% to $1.178, poised for a 0.5% weekly gain. The yen climbed 0.4% to 144.32 versus the dollar, while the Swiss franc firmed 0.2% to fetch 0.793 per dollar. TRADE CONCERNS Trump said many countries will get letters on Friday specifying what tariff rates they will face, marking a shift from earlier pledges to do individual deals with trading partners. European Commission President Ursula von der Leyen said the EU was aiming for a trade agreement "in principle" with the U.S. before the deadline. Japan, which has been a focus of Trump's ire of late, is reportedly sending its chief trade negotiator to the U.S. again as early as this weekend. Indonesia offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat. Elsewhere, China said it would implement duties of up to 34.9% on brandy originating in the European Union for a period of five years starting from July 5. In some relief for investors worried about the health of the U.S. economy, the employment report on Thursday showed that non-farm payrolls increased by 147,000 jobs in June, well ahead of economists' forecast in a Reuters poll for a rise of 110,000. "The U.S. labour market is gradually slowing down, but the fact that it hasn't experienced a sudden change is reassuring," said SMBC chief currency strategist Hirofumi Suzuki. "I personally predict that the tariff negotiations will not be very favourable, leading to continued dollar weakness and yen strength." Market expectations that the Fed will leave rates unchanged at its July meeting are now at 95.3% probability, up from 76.2% on July 2, according to the CME's Fedwatch tool. Economists continue to expect the Fed will not start cutting rates again until September or even later. (Reporting by Rocky Swift and Johann M Cherian; Editing by Shri Navaratnam, Jane Merriman and Louise Heavens)
Zawya
an hour ago
- Zawya
Stocks and dollar dip as Trump's spending bill passes, trade deal deadline nears
Stocks slipped on Friday as U.S. President Donald Trump got his signature tax cut bill over the line and attention turned to his July 9 deadline for countries to secure trade deals with the world's biggest economy. The dollar also fell against major currencies with U.S. markets already shut for the holiday-shortened week, as traders considered the impact of Trump's sweeping spending bill which is expected to add an estimated $3.4 trillion to the national debt. The pan-European STOXX 600 index fell 0.8%, driven in part by losses on spirits makers such as Pernod Ricard and Remy Cointreau after China said it would impose duties of up to 34.9% on brandy from the European Union starting July 5. U.S. S&P 500 futures edged down 0.6%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed on Friday for the Independence Day holiday. Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors are "now just waiting for July 9," said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, investors cheered the surprisingly robust jobs report on Thursday, sending all three of the main U.S. equity indexes climbing in a shortened session. "The U.S. economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better (from here)," Sycamore said. Following the close, the House narrowly approved Trump's signature, 869-page bill, which averts the near-term prospect of a U.S. government default but adds trillions to the national debt to fuel spending on border security and the military. TRADE THE KEY FOCUS IN ASIA Trump said he expected "a couple" more trade agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. U.S. Treasury Secretary Scott Bessent said earlier this week that a deal with India is close. However, progress on agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appears to have broken down. The U.S. dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the U.S. economy and the safety of Treasuries, but had rallied 0.4% on Thursday before retracing some of those gains on Friday. As of 1100 GMT it was down 0.1% at 96.96. The euro added 0.2% to $1.1773, while sterling held steady at $1.3662. The U.S. Treasury bond market is closed on Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34%, while the 2-year yield jumped 9.3 bps to 3.882%. Gold firmed 0.4% to $3,336 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the U.S.'s fiscal position and tariffs. Brent crude futures fell 64 cents to $68.17 a barrel, while U.S. West Texas Intermediate crude likewise dropped 64 cents to $66.35, as Iran reaffirmed its commitment to nuclear non-proliferation. (Reporting by Lawrence White in London and Kevin Buckland in Tokyo; Editing by Stephen Coates, Kim Coghill, Alexandra Hudson and Joe Bavier)
