Latest news with #ModelYSUV
The National
22-04-2025
- Automotive
- The National
Musk says he'll dedicate more time to Tesla from May after big drop in quarterly profit
Elon Musk says he will dedicate more time to Tesla starting in May after the company reported a big drop in first-quarter profit. The company has faced angry protests over Mr Musk's leadership of a federal government jobs-cutting group that has divided the country. Tesla, based in Austin, Texas, said on Tuesday that quarterly profits fell by 71 per cent to to $409 million, or 12 cents a share. That is far below analyst estimates. Revenue fell 9 per cent to $19.3 billion in the January to March period, also below Wall Street's forecast. The disappointing results come as the company struggles to sell cars to consumers opposed to Mr Musk's role in President Donald Trump's administration. Mr Musk also has publicly supported far-right politicians in Europe and alienated potential buyers there, too. Some Tesla investors have complained that Mr Musk has been too distracted by his role at the Department of Government Efficiency, or Doge, to effectively run Tesla. 'This is a big step in the right direction,' said Wedbush Securities' Dan Ives, referring to Mr Musk's decision to shift focus from Washington. 'Investors wanted to see him recommit to Tesla.' Tesla's stock has fallen more than 40 per cent this year but rose nearly 5 per cent in after-hours trading. Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable. 'They're not particularly surprising given that deliveries were down,' Mr Goldstein said, adding that the company is still generating cash. 'It was good to see positive cash flow.' The company generated $2.2 billion in operating cash compared with $242 million a year earlier. The company said it expects to roll out a cheaper version of its best-selling vehicle, the Model Y SUV, in the first half of this year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin in June and other cities soon after, with much of its fleet operating by itself next year. 'There will be millions of Teslas operating autonomously in the second half of the year,' said Mr Musk in a conference call after the results were announced. "Can you go to sleep in our cars and wake up at your destination? I'm confident that will be available in many cities in the US by the end of this year.' Tesla's closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3 per cent from 17.4 per cent. The company that once dominated EVs is also facing fierce competition for the first time. This year, Chinese EV maker BYD announced it had developed an electric battery charging system that can fully power a vehicle within minutes. And Tesla's European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Mr Musk. Investors expect Tesla will be hurt less by the Trump administration's tariffs than most US car companies because it makes most of its cars domestically. But Tesla will not be completely unscathed. It sources some materials for its vehicles from abroad, which will now face import taxes. Tesla warned that tariffs will hit its energy storage business, too. 'While the current tariff landscape will have a relatively larger impact on our energy business compared to automotive, we are taking actions to stabilise the business in the medium to long-term and focus on maintaining its health,' the company said. Retaliation from China will also hurt Tesla. The company was forced this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai. The company side-business of selling 'regulatory credits" to other car makers that fall short of emission standards boosted results for the quarter. The company generated $595 million from credit sales, up from $442 million a year ago.
The Herald Scotland
22-04-2025
- Automotive
- The Herald Scotland
Musk to dedicate more time to Tesla after company sees big drop in profit
Tesla, based in Austin, Texas, said on Tuesday that quarterly profits fell by 71% to to 409 million dollars (£308 million), or 12 cents a share – far below analyst estimates. Revenue fell 9% to 19.3 billion dollars (£14.5 billion) in the January-March period, below Wall Street's forecast. Tesla's stock has fallen more than 40% this year but rose slightly in after-hours trading. The disappointing results come as the company struggles to sell cars to consumers angry over Mr Musk's role in the Trump administration. He has also publicly supported far-right politicians in Europe and alienated potential buyers there. Some investors have complained he is too distracted by his role at the Department of Government Efficiency (Doge) to be running Tesla and that he should either relinquish his position as CEO or abandon his advisory role in Washington. Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable. 'They're not particularly surprising given that deliveries were down,' he said, adding that the company is still generating cash. 'It was good to see positive cash flow.' The company generated 2.2 billion dollars (£1.6 billion) in operating cash versus 242 million dollars (£182 million) a year earlier. Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin in June. Its closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3% from 17.4%. The company that once dominated the electric vehicle market is also facing fierce competition for the first time. Earlier this year, Chinese EV maker BYD announced it had developed an electric battery-charging system that can fully power up a vehicle within minutes, and Tesla's European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Mr Musk. Investors expect Tesla will be damaged less by the Trump administration's tariffs than most US car companies because it makes most of its US cars domestically, but Tesla will not be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes. Tesla warned that tariffs will hit its energy storage business too. 'While the current tariff landscape will have a relatively larger impact on our energy business compared to automotive,' the company said, 'we are taking actions to stabilise the business in the medium to long term and focus on maintaining its health.' Retaliation from China will also damage Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai. The company side business of selling 'regulatory credits' to other car makers that fall short of emission standards boosted results for the quarter. The company generated 595 million dollars (£448 million) from credit sales, up from 442 million dollars (£333 million) a year ago.
Arab News
22-04-2025
- Automotive
- Arab News
Musk says he'll dedicate more time to Tesla starting in May as company sees big drop in Q1 profit
NEW YORK: Elon Musk says he'll dedicate more time to Tesla starting in May after the company reported a big drop in first-quarter profit. The company has faced angry protests over Musk's leadership of a federal government jobs-cutting group that has divided the country. Tesla, based in Austin, Texas, said Tuesday that quarterly profits fell by 71 percent to to $409 million, or 12 cents a share. That's far below analyst estimates. Tesla's revenue fell 9 percent to $19.3 billion in the January through March period, below Wall Street's forecast. The disappointing results come as the company struggles to sell cars to consumers angry over Musk's role in the Trump administration. Musk also has publicly supported far-right politicians in Europe and alienated potential buyers there, too. Some Tesla investors have complained that Musk has been too distracted by his role at the Department of Government Efficiency, or DOGE, to effectively run Tesla. 'This is a big step in the right direction,' said Wedbush Securities' Dan Ives, referring to Musk's time commitment. 'Investors wanted to see him recommit to Tesla.' Tesla' stock has fallen more than 40 percent this year but rose more than 3 percent in after-hours trading. Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable. 'They're not particularly surprising given that deliveries were down,' Goldstein said, adding that the company is still generating cash. 'It was good to see positive cash flow.' The company generated $2.2 billion in operating cash versus $242 million a year earlier. Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin, Texas, in June. Its closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3 percent from 17.4 percent. The company that once dominated EVs is also facing fierce competition for the first time. Earlier this year, Chinese EV maker BYD announced it had developed an electric battery charging system that can fully power up a vehicle within minutes. And Tesla's European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Musk. Investors expect Tesla will be hurt less by the Trump administration's tariffs than most US car companies because it makes most of its US cars domestically. But Tesla won't be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes. Tesla warned that tariffs will hit its energy storage business, too. 'While the current tariff landscape will have a relatively larger impact on our Energy business compared to automotive,' the company said, 'we are taking actions to stabilize the business in the medium to long-term and focus on maintaining its health.' Retaliation from China will also hurt Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai. The company side business of selling 'regulatory credits' to other automakers that fall short of emission standards boosted results for the quarter. The company generated $595 million from credit sales, up from $442 million a year ago.
Yahoo
22-04-2025
- Automotive
- Yahoo
Musk to dedicate more time to Tesla after company sees big drop in profit
Elon Musk has said he will dedicate more time to Tesla starting in May after the company reported a big drop in first-quarter profit. The company has faced a backlash and angry protests over his leadership of a federal government jobs-cutting group that has divided the country. Tesla, based in Austin, Texas, said on Tuesday that quarterly profits fell by 71% to to 409 million dollars (£308 million), or 12 cents a share – far below analyst estimates. Revenue fell 9% to 19.3 billion dollars (£14.5 billion) in the January-March period, below Wall Street's forecast. Tesla's stock has fallen more than 40% this year but rose slightly in after-hours trading. The disappointing results come as the company struggles to sell cars to consumers angry over Mr Musk's role in the Trump administration. He has also publicly supported far-right politicians in Europe and alienated potential buyers there. Some investors have complained he is too distracted by his role at the Department of Government Efficiency (Doge) to be running Tesla and that he should either relinquish his position as CEO or abandon his advisory role in Washington. Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable. 'They're not particularly surprising given that deliveries were down,' he said, adding that the company is still generating cash. 'It was good to see positive cash flow.' The company generated 2.2 billion dollars (£1.6 billion) in operating cash versus 242 million dollars (£182 million) a year earlier. Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin in June. Its closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3% from 17.4%. The company that once dominated the electric vehicle market is also facing fierce competition for the first time. Earlier this year, Chinese EV maker BYD announced it had developed an electric battery-charging system that can fully power up a vehicle within minutes, and Tesla's European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Mr Musk. Investors expect Tesla will be damaged less by the Trump administration's tariffs than most US car companies because it makes most of its US cars domestically, but Tesla will not be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes. Tesla warned that tariffs will hit its energy storage business too. 'While the current tariff landscape will have a relatively larger impact on our energy business compared to automotive,' the company said, 'we are taking actions to stabilise the business in the medium to long term and focus on maintaining its health.' Retaliation from China will also damage Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai. The company side business of selling 'regulatory credits' to other car makers that fall short of emission standards boosted results for the quarter. The company generated 595 million dollars (£448 million) from credit sales, up from 442 million dollars (£333 million) a year ago.
BreakingNews.ie
22-04-2025
- Automotive
- BreakingNews.ie
Musk to dedicate more time to Tesla after company sees big drop in profit
Elon Musk has said he will dedicate more time to Tesla starting in May after the company reported a big drop in first-quarter profit. The company has faced a backlash and angry protests over his leadership of a federal government jobs-cutting group that has divided the country. Advertisement Tesla, based in Austin, Texas, said on Tuesday that quarterly profits fell by 71% to to 409 million dollars (£308 million), or 12 cents a share – far below analyst estimates. Revenue fell 9% to 19.3 billion dollars (£14.5 billion) in the January-March period, below Wall Street's forecast. Tesla's stock has fallen more than 40% this year but rose slightly in after-hours trading. The disappointing results come as the company struggles to sell cars to consumers angry over Mr Musk's role in the Trump administration. He has also publicly supported far-right politicians in Europe and alienated potential buyers there. Some investors have complained he is too distracted by his role at the Department of Government Efficiency (Doge) to be running Tesla and that he should either relinquish his position as CEO or abandon his advisory role in Washington. Advertisement Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable. 'They're not particularly surprising given that deliveries were down,' he said, adding that the company is still generating cash. 'It was good to see positive cash flow.' The company generated 2.2 billion dollars (£1.6 billion) in operating cash versus 242 million dollars (£182 million) a year earlier. Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin in June. Advertisement Its closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3% from 17.4%. The company that once dominated the electric vehicle market is also facing fierce competition for the first time. Earlier this year, Chinese EV maker BYD announced it had developed an electric battery-charging system that can fully power up a vehicle within minutes, and Tesla's European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Mr Musk. Investors expect Tesla will be damaged less by the Trump administration's tariffs than most US car companies because it makes most of its US cars domestically, but Tesla will not be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes. Advertisement Tesla warned that tariffs will hit its energy storage business too. 'While the current tariff landscape will have a relatively larger impact on our energy business compared to automotive,' the company said, 'we are taking actions to stabilise the business in the medium to long term and focus on maintaining its health.' Retaliation from China will also damage Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai. The company side business of selling 'regulatory credits' to other car makers that fall short of emission standards boosted results for the quarter. Advertisement The company generated 595 million dollars (£448 million) from credit sales, up from 442 million dollars (£333 million) a year ago.
