Tesla’s profits sink as the company struggles with cooling demand
(www.theverge.com)
from boem@lemmy.world to world@lemmy.world on 23 Apr 2024 21:26
https://lemmy.world/post/14621943
from boem@lemmy.world to world@lemmy.world on 23 Apr 2024 21:26
https://lemmy.world/post/14621943
#world
threaded - newest
This is the best summary I could come up with:
Tesla reported its first quarter earnings during an incredibly shaky moment for the company in which sales numbers and the stock price have both fallen.
Earlier this week, the company approved its latest price cuts for the US, China, and Germany — all major markets for the EV maker.
Musk reportedly delayed the project, preferring to go “balls to the wall” on Tesla’s forthcoming robotaxi, which is expected to debut in August.
In the shareholder note, Tesla made no direct reference to the Model 2 but said it’s focused on leveraging its existing manufacturing footprint to “introduce new and more affordable products.”
“We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025,” the company states.
Earlier this year, Tesla reported lackluster sales numbers in a sign that cooling demand for EVs and rising competition were taking their toll on the company.
The original article contains 551 words, the summary contains 159 words. Saved 71%. I’m a bot and I’m open source!
Hm. That’s all you could think of, TheVerge? Nothing . . . nothing else that might torpedo the ol’ sales numbers there? No? Hm.
Can’t make Elmo mad. He might buy it and fire everyone.
Nah, he’ll just start only printing right wing nut job rhetoric.
I wonder if Bill Gates still has more Tesla shorts.
The electric car company thats pissing off left wing people on a daily basis is failing? But…the right LOVES renewable energy…how can this be?!
Put gas tanks on Teslas so they can hold gasoline, and the driver can buy gasoline, but it’s not actually burned in the operation of the car. Only if the battery catches fire and the whole thing explodes.
maybe if they mount a huge
penisgun on topIs that a gun that is also a penis? Or is it a gun that shoots penises as ammo?
Depends on what trim level you’re willing to pay for.
I’m so morally conflicted about both, since the gun is good, and the penis is evil.
Wow a Zardoz reference. Well met, Friend.
yes.
The gas tank need sto have a hole so it can pour straight to the floor, or maybe they could have a feature where every mile they drive their bank automatically donates some money to chevron or someone somewhere gets stabbed
Not sure saying the company is failing is accurate. Their stock is up 10% today on their news. That’s a bonkers one say jump for a company this big.
I agree they aren’t “failing” yet. But let’s put their price in proper context …
That is a 10%-12% after hours pump. All institutional sellers needed to do was lift any orders they had pinning the price down. While the price could skyrocket tomorrow morning, I think it’s more likely to get more attraction from people wanting to cut their losses. If I had millions in stock, I would want to buffer that price range with orders from people who think after hours prices mean something.
Also, it’ll take more than that little bump to improve it’s overall price: <img alt="" src="https://lemmy.ca/pictrs/image/4ec6b4ad-388e-4aea-9bf4-042452568456.png">
Oh I totally agree and I’m not saying this single day is the biggest day of tesla. Just that this news isn’t singling the end either. But over all, the stock price has done stupidly well. 800% increase in 5 years for a company this size. Absolutely wild, in any context. I have no money in it and don’t plan to, nor will I buy a car from them just to make it clear I’m not a fan boy.
Would you have called GameStop a thriving company before GME? Stock market and reality do not always align.
Would I call GME a thriving stock before the hype? I do think their stock price was a little undervalued before the hype, and I think it’s a little over valued now. I certainly agree stock price is not always 1:1 of a company’s health, but it is a fantastic indication for outsiders. But to say telsa is failing because of this news I think is incorrect. Also, to say their stock is doing poorly by any metric I would also say is incorrect. I’m no Wallstreet broker though.
GameStop is a dying company. All I’ve seen in my life are more and more GameStop shops closing down around me.
Fair enough. If you really are that confident then buy some short positions and rake in the cash! I’m done playing those games as it’s too volitile and I’m too bad lol mutual funds for me because I can admit I can’t see the future of companies
The whole point is that the market’s irrational, why would I buy shorts and basically gamble away my money? The literal point of this thread chain is that the stock value is disconnected from real-world practicality.
That’s my point with my last comment. It would be gambling because no one can really tell where the company is going. People say they know company X will go up or down but never put their money where their mouth is. If a company fails, the stock will go down. If the company does well, the stock will go up. Absolutely the relationship between company health and stock valuation is a bit blurred, but they are clearly closely related.
amp.cnn.com/cnn/2022/02/…/tesla-buyer-politics
Actually though,
wsj.com/…/elon-musk-turned-democrats-off-tesla-wh…
Even if he sold Tesla and they are no longer associated, they won’t get a sale from me. In my mind, they and their products are tainted. I hate them with a fervor especially after all the bullshit they pulled against high speed rail. Fuck Tesla.
Doesn’t help that they have a strong reputation for shite quality. It’s really just numerous layers for most of us:
Not to mention,
Anti-repair company that forces you to go into certified Tesla Repair servicers. Potential for obsoletion is high, and so is the potential that they could disable/downgrade older models remotely.
They make most of their money by paying engineers incredibly low wages.
And
Why would they want to cool demand? Anyways, they are doing a pretty good job at it, even if it’s a struggle. /s
I’ve been scoping out EVs and Teslas are just not even slightly on my radar as a potential option. They come off entirely untrustworthy as a company
And all their designs are dated.
It's like they have the opinion that they got it perfect first try.
I'm not a fan of Apple style the same but slightly improved each year, but for a. Investment like that, I want there to be a difference in build quality at the lowest end of the spectrum.
Tesla just pushes the exact same thing with new promises of full auto driving
They’re neat, If it weren’t for Musk I’d buy one tomorrow.
Model 3 Long Range is still nearly $50k. They’ll have to cut more for me to even consider. Also; they’d need to fire Elon Musk and deny him his $54 billion pay package.
I don’t want my car to be a political statement, thank you.
Guess it's a good thing that multi billion dollar payout to Musk got cancelled
He’s trying again.
Having a complete fecking tosspiece at the helm might also have something to do with it…
I just sold my 2021 Tesla Model Y and picked up a new Rivian R1T. I had already put my money down on the Model Y when Elon started becoming political and promoting hate. He is the only reason I sold my Tesla. I actually enjoyed driving it.
Cooling demand… Let’s call it what it is. People don’t like Musk since he’s a fucking piece of shit nazi, so they don’t want to buy his car.
I’ve said it a bunch, I wanted a Tesla but I couldn’t afford it. Now that I can afford it, I will not buy a Tesla solely because of Musk.
If he was ousted I would buy one just to spite him.
Nah, I wouldn’t, but I imagine a big uptick in sales after he got the boot would do detrimental harm to his ego.
He would still own a massive share of the stock
True
A fuck stick, a Musk stick, A stick to fuck, I’m fucking sick, Musk suck a dick.
I think that’s a big part of it, but even putting him and all his BS aside, they haven’t really done much innovating in years. In the mid '10s it seemed like they were making big gains in manufacturing and following up the success of the Model S with the X, Y, and 3 as well as developing the gigafactory and things like the powerwall. Since probably 2019 though, they’ve just been spinning their wheels and stagnating on things like autonomy and building the Cybertruck with no real gain to show for it.
I imagine it won’t be long before he’s ousted though as it provides a convenient scape goat for everything along with shedding dead weight who’s main appeal previously was being outspoken online and “a disruptor” before everything turned to right wing politics.
They just released a new vehicle (like today). It’s a $45k sedan that does 0-60MPH in 3 seconds.
Another recent vehicle is the first production vehicle made of stamped cold-rolled steel. It is the first production vehicle with a 48V low-voltage system. It is the first production vehicle with steer-by-wire.
Not long before that they released a vehicle that’s faster than any production car (when it was released) with triple carbon-sleeved rotors that decimated the 60+MPH EV acceleration problem, and it was a 4-door sedan that costs hundreds of thousands of dollars less than said supercars.
Now you may not like those features, and you may not like the vehicles, and you may hate the brand and it’s leader, but you can’t say they aren’t regularly innovating. There are lots of super talented engineers at Tesla that are not Musk.
E: lots of downvotes and an accusation, zero counter-arguments.
I like how you’re touting that as a good thing when it was stupid as fuck.
insideevs.com/…/tesla-cybertruck-repair-insurance…
Also- cbsnews.com/…/tesla-cybertruck-rusting-complaints…
Not a musk fan, but all these rust problems could have been avoided if the buyers just ponied up another $5,000 for a clear coat.
Even though it’s a really crappy money grab, technically the rust problem isn’t tesla fault per se.
It’s not Tesla’s fault that they sell a car that rusts unless you pay them extra?
I mean it’s teslas fault they’re cheap skate assholes, but it’s technically your fault you didn’t buy the clear coat. It’s not like the option wasn’t there.
I honestly figured people who bought it like that were going to apply their own finishes to it, not just let it rust. It’s not like stainless steel is actually stainless.
I suppose the fact they bought the damn thing in the first place should have been my first clue.
No it is not your fault. You should not be expected to buy a car with the expectation that it will rust immediately unless you pay thousands of dollars more. That’s essentially saying you’re going to have something broken unless you pay extra.
Not all innovation succeeds and this might not, but what other car company would even try? Innovation is about being willing to try things that are new and different, even when it fails
Things that don’t work are not innovation. Stainless steel that rusts is certainly not innovation.
Check’s in the mail 😉
Ah yes, because if anyone disagrees with you, they must be a “shill”! There’s no other possible explanation!
Are you talking about the m3 performance? That is just a model update.
The 48V system and the binder Tesla sent to other auto manufacturers of how to finally do it is a great example. Videos I’ve seen on it made it seem really really cool, hopefully other manufacturers follow suit
The guy deserves all sorts of crap for the way he runs his mouth (and so do we all for putting him on that pedestal), but come on ….
Since 2019
Sure the vehicles look similar but there’s still huge innovation …… except that Cybertruck. If ever there was a good time for them to just let something drop to obscurity, it would be when that had so much trouble and Rivian and Ford beat them to release
Yeah because heat pumps are new technology. It’s a reversible air conditioner is what it is.
Personally I’m not buying a Tesla because I want a car that I can actually be fixed occasionally
There’s always a way. You might have to buy used parts, but there’s always a way. I’m not buying one because musk is a fuck.
Yeah awakenings can be rude quite often
Their net income is down 9%. Not exactly the end of the world.
No surprise. A fascist leader, and a product line that started looking dated years ago. All while established car companies have caught up. I can’t imagine a future for Tesla that’s not just pain.
They had trouble supllying for the demand and a few months later they are struggling because there is not enough demand.
Looks like an impressive downhill slope for the cybertruck!
The cybertruck looks like something a 5 yo mocked up with crayons.
It has (heavy) stainless exterior panels without a clear coat causing it to need frequent washing or risk rapid deterioration.
The entire Tesla production chain has issues with quality control. Full self driving is just a euphemism for lane assist, adaptive cruise control and a handful of other features and is illegal to operate in most states, (AFIK very few states have allowed it,)
Oh and their CEO is a rich frat boy and also probably the one with the crayons.
I need to dig up my first grade notebooks… I’m pretty sure I can claim to have designed the Cybertruck in 1983.
I’m not so sure, I’m pretty sure that guy ate all his crayons before he could do any kind of drawing.
He might have had to wait to pass them first, but it should be workable…
Besides not wanting to buy a product from Musk buying a Tesla simply isn’t an option.
On the newest Model 3 they removed the stalks, I don’t want to press a button on a steering wheel to use the blinker (Doing that in a roundabout sounds like a nightmare).
Besides that Musk seems to think he can do whatever he wants with OTA updates. I wouldn’t want to buy a car that might have some function changed or disabled the next time I’m using it.
Plenty of other manufacturers at this point to choose from.
I already can’t hit the song selection forward/backward button consistently while the wheel is turned. Especially in a roundabout where I always indicate on exit. I don’t have to try it, steering wheel buttons for driving functions fucking suck.
Maybe, and face lawsuits left and right. So far the effect of this has been overwhelmingly positive. This is the first car I’ve had where bug fixes might actually happen, where I have gotten new feature after I bought it, where (some) recalls just happen without any effort from me.
What a ridiculous title! No one buys cooling from Tesla ever since the sugar got stuck in my teeth so I had to brush the heck out of thems that can’t do, teach.
Shockingly there’s not enough fan boys out there to keep them afloat.
I respectable amount of high income individuals would love to have premium long range EVs. Nobody wants to be associated with him. Nobody wants to wait around for 6 hours while the car gets towed if it has a serious breakdown, and nobody wants to deal with resale problems.
The charging network is good, the cars still have some tech in them that is ahead of the competition. But they’re pushing the tech too far they’re taking a page out of Apple’s book and not listening to what people want.
If you’re not going to listen to your customers and you have a horrible image problem, You’re going to have a bad time.
Competition was always going to happen it was just a question of when and to what degree. The established car makers weren’t going to sit around and watch Tesla take their market share. But the rise of Chinese car manufacturers hitting the EV market has been swift and brutal. These are huge companies that are generally unheard of in the West such as BYD.
Edit, the link is almost a year old so I suspect figures have changed a fair bit since.
Yeah, I don’t think most legacy manufacturers can really compete yet and the US ones are backtracking themselves out of the market segment. Chinese manufacturers are a much bigger threat - who would have expected BYD to out-Tesla Tesla and come on stage so big so fast. Here in the US , politicians are trying to set up protectionist barriers but I’m not confident they’ll succeed
When Elon kinda first hit the scene I liked him and was on his side. It’s been through his own consistent inconsistencies and double talk, and also plain crazy talk… that has totally turned me off to him in any area. I think if I can go from ‘almost a fanboy’ to ‘give back Twitter you stupid cunt’; I’m likely not the only one.
I’m sick of him. Like all of it. I wish he’d had gotten put in that car they launched into space. He’s such an 🫏🕳️
He’s literally his own worst enemy. If he’d just shut the fuck up and work - but no. He’s used Tesla stock to fund his idiotic twitter shit. Boring company is a dead end. Cybertruck has already seen two recalls and is trickling out to confirmed fanboys only. My only hope is that he doesn’t fuck up spacex. Apparently they have a whole ‘elon management’ team and it’s working.
Yes I think the government is one of the ‘big sponsors’ for him. Even if he dislikes the government 🙄.
I imagine it’s deeeefinitely in their best interests to ‘manage Elon’.
“Sorry Elon we wanted to introduce you to the hardworking rocket scientists, but they hate you and would rather jump off a bridge than be in a room with you. Soooo, we made some nice snacks and joints, and there’s a hot tub you can use too. Doesn’t that sound nicer than belittling people and causing chaos? Yeah? Good? Good. Aww ok you want Ice cream too. Thats ok, just stay away from Mission Control sweety.”
The problem is that a large part of his success is loudly creating his “genius” persona that brings in investors.
But when that persona went full right-wing conservative racist troll, that may have won him some supporters but lost many others.
Any success behind him has just purely been because he’s a walking money bag, otherwise he just seems like a hindrance.
The system sure works /s
I’m kinda not mad that he’s crazy AND vocal. What I’m more worried about is when maybe when he older and wiser he shuts up and just starts funneling all that money towards his nutto crazy talk. At least now you can hear him coming.
Yeah, that’s the unnerving part. If he just understood when to STFU and take an L, he could still have the reputation of a savior of humanity.
He’s a what now?
A donkey disc. Durh.
Ass ring!
Have You Checked Your Butthole?
Ski-dap Ba-dap
Yeah, I went from thinking he was like a real life Tony Stark. Obviously Tony Stark is fictional, but Elon seemed like what he could be if he was real instead of fantasy.
I’ve pivoted on my opinion of him so hard that I’ve been side eyeing Tony Stark, Bruce Wayne, and the whole idea of a benevolent billionaire hero as billionaire propaganda.
He took his mask off in 2018 when he had the tantrum about his stupid submarine idea being called stupid and then went after the guy who did save the kids personally. He never was able to get that mask to fit again after that.
He’s effing Lex Luthor, not Bruce Wayne
I feel like I can understand Lex Luthor’s decisions. I disagree with them, but there’s a logical consistency there. I look at Elon and think “I’m supposed to believe this guy is a genius?”
The only thing he ever brought to the companies was large amounts of money and preparedness to spend vast quantities of it without really seeming to be bothered about if it made a profit or not.
If you’re trying to make money you don’t start a rocket company and you definitely don’t start a rocket company that does things differently to the established ones.
Even that is giving him too much credit.
Yeah but Hughes ran a magazine empire. Tony Stark was like, “what if someone had Hughes’ charisma but also the knowledge to use his resources to develop world-saving technology”. Musk didn’t have that charisma but was able to fake it for a while and the develop tech part IMO is more of what makes Tony Stark than the rest of it.
Hughes built aircraft, cars, dated addresses and owned casinos.
He is the guy in charge of the spruce goose.
Are you thinking of Hearst ?
Oh my bad, I was thinking of Hugh Hefner.
That’s playboy.
Howard Hughes is who Tony stark is based on. Fascinating man.
Yeah, that’s why I thought the Stark comparison was stronger with who we thought Musk was at one time lol.
I see it now though, now that I understand who you actually meant.
If you haven’t read about Hughes, do so. It’s interesting to see everything he did and what a celebrity he was. That’s who Elon wanted to be.
Sadly Hughes died a horrible death. Was very odd as he got older due to his injuries.
I mean, yeah, tony stark is an asshole. Bruce Wayne could do more for Gotham than Batman ever could. Elon IS like them - he only wants to do anything good (or anything at all) if it brings a spotlight to them
When I first heard about him, it was when he took over Tesla and was pushing electric cars to become mainstream against a huge amount of industry pressure trying to squash any effort to move away from fossil fuels. It was an inspiring underdog story, and I was genuinely rooting for the guy. Maybe not in a crazy fanboy way like some people o today, but whenever I heard a positive news story about him it was uplifting to a certain degree.
Then he absolutely humiliated himself with the “pedo guy” comments and his bizarre feud with the truth/reality and my opinion of him flipped then and there. It only went downhill quicker when he started showing his true colors - switching from Democrat to Republican and indulging himself in conspiracy theories, antisemitism and racist ideology cemented my opinion of him. He’s a true blue piece of shit who will say or do anything if he can make money off of it.
I love what he did with Tesla to get it going. That was pretty amazing.
Now he is more of a boat anchor for the brand.
Elonmobile
<img alt="" src="https://lemmy.world/pictrs/image/29c750ce-6285-47e0-b974-bf048547abf4.webp">
Once again, the Simpsons predicted it.
Wasn’t that episode based on a real story from some company?
The only difference is, Homer’s brother was super likable and I felt bad about Homer fucking his car company 🙁
Muskrat on the other hand is a piece of shit.
Couldn’t have happened to a nicer man baby.
Yeah Tesla is definitely struggling. Hard times for Tesla Motors.
No wonder when their new car looks is ripped from some (very) low poly game. Cybertrucks are soooo ridiculous in every aspect.
Why can’t they just make normal good electric cars. Why did they make a weird steel thing that isn’t even road legal on half the planet?
Just make a normal car for god’s sake.
Didn’t Elon play an important role in its design?
I have no idea I don’t pay any attention to him anymore but it would explain a lot.
I think GM tried with the Chevy Bolt. It was the cheapest EV with good range, (265 miles/426km), with a base model available for under $30,000US. Despite the early battery issues that DID get fixed, No one bought it. Chevy does kind of say they would be willing to bring it back with their new Ultium battery. But I’m not holding my breath.
The biggest problem with EVs is the purchase price. They cost far too much to buy. And there is not much of a market for used ones.
If you don’t drive it, it doesn’t overheat. Tier 1 solution.
No Tesla for meeeeeeee!