Latest news with #EV-maker
an hour ago
- Automotive
Tesla profits drop 16% as Elon Musk faces continued backlash
Tesla's profits fell 16% over a three-month period ending in June that overlapped with the end of chief executive Elon Musk's tenure in the White House and his ensuing public clash with President Donald Trump, an earnings release on Wednesday showed. The company's performance fell short of analysts' expectations. Total revenue decreased by 12% from one year earlier, to $22.4 billion, while revenue derived from car sales dropped 16% over the second quarter of 2025 compared to a year ago, the earnings showed. The fresh data covered a period following the onset of Trump's auto tariffs in early April. In a statement on Wednesday, Tesla touted a "strong balance sheet," but acknowledged a "sustained uncertain macroeconomic environment resulting from shifting tariffs." The company also faces "unclear impacts from changes to fiscal policy and political sentiment," Tesla said. The losses marked the second consecutive quarterly revenue drop for the company. Musk's position at the White House, which ended in May, set off demonstrations at Tesla dealerships worldwide in protest of his effort to slash government spending as leader of the Department of Government Efficiency. After Musk stepped away from the federal government, he sharply criticized Trump and stridently opposed Republicans' signature spending legislation. Recently, Musk has continued to slam the Trump administration over its handling of documents related to disgraced financier and convicted sex offender Jeffrey Epstein. Earlier this month, Musk floated plans to launch a political party. Meanwhile, Tesla has faced heightened competition from domestic and foreign carmakers rolling out electric vehicles. Chinese EV-maker BYD outperformed Tesla in total car sales for the first time ever last year. As car sales have slowed, Musk has touted a future autonomous car service, dubbed robotaxis, as a growth area for the business. Last month, Tesla launched a limited version of the self-driving taxi service in Austin, Texas. The rollout marked a milestone for the company's self-driving taxi aspirations, but limitations placed on the vehicles and a series of apparent miscues suggest the technology remains far from wide adoption, some analysts previously told ABC News.
Yahoo
6 days ago
- Automotive
- Yahoo
Uber strikes game-changing deal to unleash 'Tesla killer': 'Next-generation premium global robotaxi program'
Rideshare giant Uber and potential "Tesla killer" Lucid have upended the still-developing yet highly competitive robotaxi industry with the surprise announcement of an autonomous-vehicle partnership, Yahoo Finance reported. Under the landscape-altering deal, Uber said it aimed to deploy 20,000 Lucid electric SUVs as self-driving taxis over the next six years. The vehicles will feature autonomous-vehicle technology from the company Nuro, the report stated. The companies said they planned to create a "next-generation premium global robotaxi program," available exclusively via Uber's platform, according to Yahoo. Lucid, one of the only other major fully American EV-only carmakers with Tesla and Rivian, saw its stock soar by about 45% at one point before settling at 36.24% over the previous day. The announced collaboration presented a direct challenge to the robotaxi efforts of Alphabet-owned Waymo and EV-maker Tesla, both of which already are accepting rides from paying customers in certain locales. Waymo, by far the market leader under the same corporate umbrella as Google, has been operating a fleet of 1,500 robotaxis across multiple U.S. cities, offering more than 250,000 rides per week, according to a May announcement. Tesla only recently launched its first robotaxi pilot program in limited parts of Austin, Texas. The program has yielded mixed results. People understandably have mixed feelings about robotaxis and the many implications of the autonomous revolution. A study by the Center for Global Policy Solutions estimated that autonomous vehicles could take away as many as four million jobs, not only among taxi and rideshare drivers but also long-haul truck drivers, last-mile delivery drivers, and more. With these impacts in mind, one benefit of the announced deal among Uber, Lucid, and Nuro is that it continues the trend of all robotaxis to date being electric vehicles. Unlike vehicles running on internal combustion engines, EVs don't pump harmful particulate matter or planet-warming pollution into the air, and a recent study revealed that they also contribute less brake dust pollution, which analysts said more than offsets their higher rate of tire wear from the weight of batteries. Would you be more likely to use a rideshare service that offers EV rides? Absolutely Only if it wasn't more expensive Only if the wait times weren't longer Not interested Click your choice to see results and speak your mind. This makes the air overall healthier to breathe, especially in cities, while helping to curb rising global temperatures from heat-retaining carbon in the atmosphere. This is not to say that EVs are environmentally neutral. When EVs charge off the grid, they are only as clean as the electricity they use. Whether that electricity was generated from renewables like wind or solar or from burning a dirty fuel like coal makes a big difference. Additionally, meeting the world's growing demand for EVs requires extracting millions of tons of minerals from the earth every year, a heavy environmental toll that should not be overlooked. However, when compared to the billions of tons of fossil fuels that oil, gas, and coal companies pull from the ground every year, and the costs those fuels place on the environment and public health, EVs come out as the clear winners. An MIT study determined that, even when taking into account the manufacturing process and even if charged off the average U.S. electrical grid, an EV still was responsible for about 40% less pollution per mile over its lifetime than the average internal combustion vehicle. And, the cleaner the electricity used to charge an EV, the more that gap widened, the study showed. The best way to make sure that your EV is charged on 100% renewable energy is to install solar panels on your home. Going solar can drop your electric bill to practically zero, charging your EV for less than it would cost at a public charger or off the grid. EnergySage offers free tools that make it quick and easy to compare quotes from vetted local installers and to identify tax credits and other incentives available in your area. Statistics show that EnergySage saves customers an average of $10,000, but, with federal solar tax credits in the U.S. ending Dec. 31, 2025, the time to act is now. Similarly, EV tax credits end soon too, on Sept. 30, with credits up to $7,500 for a new EV or $4,000 for a used one. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Time of India
7 days ago
- Automotive
- Time of India
Tesla Swerves Into India's EV Bylane
The first Tesla showroom in India opened in Mumbai on Tuesday, pushing the world's most valued auto company into a niche market in India. Much hoo-ha has followed since people have gone to window-shop at the Bandra Kurla Complex storefront. The fact is, Tesla is testing the market after talks with GoI over lowering import duties stalled. Additional production in India may not be possible, with the EV-maker facing glut in its plants worldwide. So, Tesla will be competing for the high-end Indian market against luxury carmakers. The mass market for EVs is protected by Indian auto firms that have made inroads into electric mobility. Chinese EV makers, which are piling pressure on Tesla in a bruising price war, are gaining presence here. Market testing is critical for Tesla, whose cars come bundled with bespoke battery charging infra. India also represents a difficult market for autonomous vehicles, on which Elon Musk is placing a big bet. Prospects of a favourable tax dispensation to test Tesla's products in India brightened with Musk's proximity to Donald Trump. But they now are ex-es who didn't part well at all. India is working on a trade deal with the US that should improve market access for US companies. But Tesla is unlikely to receive special treatment, unless it is willing to commit investments in the country. Tesla follows Apple in setting up retail touchpoints in India, but their circumstances are in stark contrast. There is a significant market share for iPhones in India, and Apple has set up a manufacturing export base here. The size of Tesla's addressable market is much smaller, and it has export capacities idling. Tesla has a more diversified manufacturing presence than Apple, which is cutting down on its Chinese concentration. Indian policy designed to attract foreign investment will not be equally effective for the two companies. Some degree of customisation is required to get iconic brands to set up production in the country. Tesla could find itself in a better place in India down the road.
Economic Times
16-07-2025
- Automotive
- Economic Times
Tesla swerves into India's EV bylane
The first Tesla showroom in India opened in Mumbai on Tuesday, pushing the world's most valued auto company into a niche market in India. Much hoo-ha has followed since people have gone to window-shop at the Bandra Kurla Complex storefront. The fact is, Tesla is testing the market after talks with GoI over lowering import duties stalled. Additional production in India may not be possible, with the EV-maker facing glut in its plants worldwide. So, Tesla will be competing for the high-end Indian market against luxury carmakers. The mass market for EVs is protected by Indian auto firms that have made inroads into electric mobility. Chinese EV makers, which are piling pressure on Tesla in a bruising price war, are gaining presence testing is critical for Tesla, whose cars come bundled with bespoke battery charging infra. India also represents a difficult market for autonomous vehicles, on which Elon Musk is placing a big bet. Prospects of a favourable tax dispensation to test Tesla's products in India brightened with Musk's proximity to Donald Trump. But they now are ex-es who didn't part well at all. India is working on a trade deal with the US that should improve market access for US companies. But Tesla is unlikely to receive special treatment, unless it is willing to commit investments in the follows Apple in setting up retail touchpoints in India, but their circumstances are in stark contrast. There is a significant market share for iPhones in India, and Apple has set up a manufacturing export base here. The size of Tesla's addressable market is much smaller, and it has export capacities idling. Tesla has a more diversified manufacturing presence than Apple, which is cutting down on its Chinese concentration. Indian policy designed to attract foreign investment will not be equally effective for the two companies. Some degree of customisation is required to get iconic brands to set up production in the country. Tesla could find itself in a better place in India down the road.
Time of India
16-07-2025
- Automotive
- Time of India
Tesla swerves into India's EV bylane
The first Tesla showroom in India opened in Mumbai on Tuesday, pushing the world's most valued auto company into a niche market in India. Much hoo-ha has followed since people have gone to window-shop at the Bandra Kurla Complex storefront. The fact is, Tesla is testing the market after talks with GoI over lowering import duties stalled. Additional production in India may not be possible, with the EV-maker facing glut in its plants worldwide. So, Tesla will be competing for the high-end Indian market against luxury carmakers. The mass market for EVs is protected by Indian auto firms that have made inroads into electric mobility. Chinese EV makers, which are piling pressure on Tesla in a bruising price war, are gaining presence testing is critical for Tesla, whose cars come bundled with bespoke battery charging infra. India also represents a difficult market for autonomous vehicles, on which Elon Musk is placing a big bet. Prospects of a favourable tax dispensation to test Tesla's products in India brightened with Musk's proximity to Donald Trump. But they now are ex-es who didn't part well at all. India is working on a trade deal with the US that should improve market access for US companies. But Tesla is unlikely to receive special treatment, unless it is willing to commit investments in the follows Apple in setting up retail touchpoints in India, but their circumstances are in stark contrast. There is a significant market share for iPhones in India, and Apple has set up a manufacturing export base here. The size of Tesla's addressable market is much smaller, and it has export capacities idling. Tesla has a more diversified manufacturing presence than Apple, which is cutting down on its Chinese concentration. Indian policy designed to attract foreign investment will not be equally effective for the two companies. Some degree of customisation is required to get iconic brands to set up production in the country. Tesla could find itself in a better place in India down the road.
