NEW YORK: Tesla announced another quarterly profit decline as CEO Elon Musk cautioned investors about potential “rough” quarters ahead following the elimination of federal electric vehicle (EV) tax credits. The company’s second-quarter profits fell 16% to $1.2 billion, with revenues dropping 12% to $22.5 billion.
Musk acknowledged short-term challenges but remained optimistic about Tesla’s long-term prospects, particularly in autonomous driving. “We probably could have a few rough quarters,“ he said during an earnings call. “But once you get to autonomy at scale, I’d be surprised if Tesla economics are not very compelling.”
The expiration of the $7,500 federal EV tax credit on September 30 is expected to further impact sales. Tesla has also faced backlash over Musk’s political activities, including his involvement with former President Donald Trump’s administration.
Despite the downturn, Tesla continues to invest in AI and robotics, including its Optimus humanoid robot and autonomous taxi service in Austin. Analysts remain divided, with JPMorgan Chase warning of deteriorating fundamentals while Morgan Stanley maintains Tesla as a “top pick” for its tech leadership.
Tesla shares fell 4.1% in after-hours trading. - AFP
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