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Tesla’s profits sink as the company struggles with cooling demand
(www.theverge.com)
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this post was submitted on 23 Apr 2024
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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!