Elon Musk says he'll spend less time in DC and more time running Tesla after its profit plunges
Elon Musk says he바카라 게임 웹사이트ll be spending less time in Washington, slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.
Musk said on a conference call with analysts Tuesday that 바카라 게임 웹사이트now that the major work of establishing Department of Government Efficiency is done,바카라 게임 웹사이트 that he will be 바카라 게임 웹사이트allocating far more of my time to Tesla바카라 게임 웹사이트 starting in May. Musk said he now expects to spend just 바카라 게임 웹사이트a day or two per week on government matters바카라 게임 웹사이트
"I'll have to continue doing it for I think the remainder of the president's term just to make sure the waste and fraud that we stopped does not come roaring back, which it will do if it has the chance," Musk said, . He added, "I think I'll continue to spend a day or two per week on government matters for as long as the president would like me to do so and as long as it would be useful."
Tesla struggled to sell vehicles as it faced angry protests over Musk바카라 게임 웹사이트s leadership of DOGE, a jobs-cutting group that has divided the country. The Austin, Texas, company reported a 71% drop in profits and a 9% decline in revenue for the first quarter.
바카라 게임 웹사이트Investors wanted to see him recommit to Tesla,바카라 게임 웹사이트 said Wedbush Securities' Dan Ives. 바카라 게임 웹사이트This is a big step in the right direction."
Investors sent Tesla shares up more than 5% in after-hours trading, although they are still down more than 40% for the year.
The company reconfirmed that it expects to roll out a cheaper version of its best-selling vehicle, the Model Y sport utility vehicle, in the first half of this year. It also stuck with its predictions that it will be able to launch a paid driverless robotaxi service in Austin in June and have much of its fleet operating by itself next year.
바카라 게임 웹사이트There will be millions of Teslas operating autonomously in the second half of the year,바카라 게임 웹사이트 Musk said in a conference call after the results were announced. He later added about the personal use of autonomous vehicles, "Can you go to sleep in our cars and wake up at your destination? I바카라 게임 웹사이트m confident that will be available in many cities in the U.S. by the end of this year.바카라 게임 웹사이트
Auto analyst Sam Abuelsamid at Telemetry Insight said he doubts Musk's predictions.
바카라 게임 웹사이트The system is not robust enough to operate unsupervised. It still makes far too many errors,바카라 게임 웹사이트 he said. 바카라 게임 웹사이트It will suddenly make mistakes that will lead to a crash.바카라 게임 웹사이트
The planned rollout of the robotaxi without a steering wheel or pedals comes as federal regulators still have open investigations into whether the technology that Tesla hopes will allow cars to drive themselves is completely safe.
Tesla바카라 게임 웹사이트s driver-assistance technology that can steer or stop a car but still requires humans to take over at any time 바카라 게임 웹사이트 its so-called Autopilot 바카라 게임 웹사이트 is being probed by the National Highway Traffic Safety Administration for whether it alerts drivers sufficiently when their attention wanders. And the company바카라 게임 웹사이트s Full Self-Driving, which is only partial self-driving and has drawn criticism for misleading drivers with the name, has come under scrutiny for its tie to accidents in low-visibility conditions like when there is sun glare.
Another challenge to Tesla, which once dominated the EV business: It is facing fierce competition for the first time.
Earlier this year, Chinese EV maker BYD announced it had developed an electric battery that can charge within minutes. And Tesla바카라 게임 웹사이트s European rivals have begun offering new models with advanced technology that is making them real Tesla alternatives just as popular opinion has turned against Musk. The Tesla CEO has alienated potential buyers in Europe by publicly supporting far-right politicians there.
Tesla said Tuesday that quarterly profits fell from $1.39 billion to $409 million, or 12 cents a share. That바카라 게임 웹사이트s far below analyst estimates. Tesla바카라 게임 웹사이트s revenue fell from $21.3 billion to $19.3 billion in the January through March period, also below Wall Street바카라 게임 웹사이트s forecast. Tesla바카라 게임 웹사이트s gross margins, a measure of earnings for each dollar of revenue, fell from 17.4% to 16.3% .
Tesla has said it will be hurt less by the Trump administration's tariffs than most U.S. car companies because it makes most of its U.S. cars domestically. But it won바카라 게임 웹사이트t be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes.
Tesla warned in announcing its results that tariffs will hit its energy storage business, too.
Retaliation from China will also hurt Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai.
The company바카라 게임 웹사이트s side business of selling 바카라 게임 웹사이트regulatory credits바카라 게임 웹사이트 to other automakers that fall short of emission standards boosted results for the quarter.
Tesla generated $595 million from credit sales, up from $442 million a year ago.
The company generated $2.2 billion in cash flow versus $242 million a year earlier.
Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the quarterly results almost predictable.
바카라 게임 웹사이트They바카라 게임 웹사이트re not particularly surprising given that deliveries were down,바카라 게임 웹사이트 he said. 바카라 게임 웹사이트It was good to see positive cash flow.바카라 게임 웹사이트
