It’s a classic Elon Musk move. Tesla released some pretty grim first-quarter numbers on Tuesday, showing that net income dropped more than 50% from last year. During the earnings call, however, Musk floated his “new” vision for the electric car company. Tesla is now focused on building an AI-powered fleet of ride-hailing robotaxis, composed of new “Cybercabs” and existing autonomous cars that Tesla owners can send out at will.
” Tesla blames its lackluster performance in Q1 of 2024 on a variety of factors. In its quarterly update, management called out the Red Sea conflict, the arson attack at Gigafactory Berlin, and the gradual ramp of the updated Model 3 in Fremont. Broadly speaking, Tesla also noted the Global EV sales slump, as many American competitors pulled from the EV race in the last year. Musk is betting the company on self-driving after a year of struggles for Tesla’s autonomous driving division.
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