Tesla has laid off 2,688 workers at its Austin factory, nearly 12% of the site's staff.This is likely part of larger workforce cuts across Tesla that Elon Musk announced last week.The layoffs have also impacted workers at Tesla's other US and international locations. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. E ...

Tesla reports first-quarter earnings on Tuesday.The EV maker has been under pressure after a reported pivot away from a low-cost vehicle model.The company's stock is down more than 40% in 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up”, you accept our Terms of Service a ...

Apple's China headache is getting worse.A slide in iPhone sales has left Apple in third place in China, per Counterpoint Research estimates.It's the iPhone's worst performance in China since 2020 amid rising competition from local rivals. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewTesla, eager to hold on to its market share in China, is amping up its price war against its Chinese rivals amid declining sales.The EV manufacturer slashed its vehicle prices in multiple markets ...

Advertising is out at Tesla, just months after it started.Tesla has eliminated about 40 marketing and advertising staff, Bloomberg reported.The move is part of ongoing job cuts announced by CEO Elon Musk last week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up”, you accept o ...

Core Viewpoint - Tesla is expected to report a significant profit drop of 40% and its first revenue decline in four years, amid falling demand and increasing competition in the electric vehicle market [1][4]. Group 1: Financial Performance - Tesla's share price has decreased by over 40% since the beginning of the year, reducing its market value to approximately $460 billion [2]. - The company delivered about 387,000 vehicles in the first quarter, representing a 20% decline from the previous quarter [4]. - Tesla is anticipated to announce a 40% profit drop in its upcoming earnings report [4]. Group 2: Market Challenges - Demand for electric vehicles has sharply declined, particularly in China, where Tesla is engaged in a price war with local competitors like BYD [5]. - Tesla has implemented price cuts for its Model 3 and Model Y vehicles in China, the US, and Europe, aiming to boost sales [5]. - Investors are increasingly skeptical about Musk's strategy to achieve a sales target of 20 million electric vehicles per year by 2030 [5]. Group 3: Strategic Direction - There are concerns regarding Musk's shift in focus from producing a mass-market vehicle to developing robotaxis, which has unsettled some stakeholders [7]. - Tesla is facing challenges in scaling autonomous driving technology, which has been a long-term goal for Musk [7]. - The company is recalling nearly 4,000 Cybertrucks due to an accelerator fault, adding to its operational challenges [7]. Group 4: Leadership and Distractions - Musk is currently dealing with multiple distractions, including a legal battle over his compensation package and efforts to retain advertisers for X [9]. - The upcoming earnings report is seen as a critical moment for Musk to clarify Tesla's future strategy and address investor concerns [2][4].

Tesla cut car prices in the US, China, and Europe after sales fell.The company also reduced its software price by a third in the US.The company's challenges include disappointing delivery numbers, layoffs, and Cybertruck recalls. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up ...

Elon Musk wanted Tesla to reduce its workforce by one-fifth, Bloomberg reported.Musk wanted the layoffs to match the drop in quarterly vehicle deliveries. Tesla delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the last quarter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address ...

Core Insights - Tesla has shifted its focus from developing a mass-market $25,000 model to prioritizing robotaxis, which are set to be unveiled in August [2][3] - This strategic pivot follows disappointing earnings, including a 20% decline in vehicle deliveries and a projected 40% decline in operating profit [2][3] - Elon Musk is reducing Tesla's workforce by 10% and is betting on robotaxis to revitalize the company's performance [3] Financial Performance - Tesla reported a 20% decline in vehicle deliveries for the first quarter [2] - The company is expected to announce its first revenue decline in four years, alongside a 40% drop in operating profit [2][3] Robotaxi Development - Musk has indicated that the robotaxi will require significant advancements in Tesla's Full Self-Driving (FSD) software, which currently necessitates driver supervision [3] - The vision for the robotaxi includes removing traditional controls like mirrors and steering wheels, allowing Tesla owners to convert their vehicles into robotaxis and potentially earn up to $30,000 annually [3][4] - Despite previous ambitious claims about autonomous cabs, skepticism remains regarding the timeline and feasibility of these plans [4] Market Demand and Analyst Opinions - Analysts suggest that focusing on robotaxis may be risky, emphasizing the importance of delivering a more affordable electric vehicle to meet consumer demand [5] - Wedbush analysts have stated that it is "crucial" for Tesla to launch a cheaper model within the next 18 months to capture market interest [5]

Elon Musk might need to start sleeping at Tesla again as tough times mount, according to top bull Adam Jonas of Morgan Stanley. The firm may slowly be exiting the EV industry, given rising Chinese competition and dimming outlooks, he said. Jonas holds a Street-high $310 price target on the firm, but says Musk's compensation deal is also adding uncertainty.  NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for ...