Is it Electric Cars?
Elton Musk?
Or?
Both?
By the Way?
Musk seems to be trying to outdo Donald Trump as the guy who can lose Billions the fastest?
Analysts called Tuesday’s earnings report a “make or break moment” for the electric-vehicle maker as it continues to struggle with falling sales, stiff competition from China and uncertainty over its business outlook. Tesla’s earnings report was indeed grim: For the three months ended March 31, net income fell 55 percent from a year earlier to $1.13 billion while revenue fell 9 percent to $21.3 billion.
CEO Elon Musk, who has a unique penchant for redirecting the conversation, used Tuesday’s earnings call to deflect from the poor numbers, focusing instead on the company’s commitment to artificial intelligence and a fully autonomous car. Details on Tesla’s apparent new offerings — which include the “more affordable models” and the “cybercab” — were scant and did not address how the company would overcome the technological and regulatory hurdles ahead….
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Despite the vague promises for a recovery, the news sent Tesla’s stock — which has been hovering near a 52-week low — to recover in after-hours trading. Tesla was trading up more than 10 percent to $160 after closing around $145 on Tuesday. The stock rebound was a noteworthy moment for the company, which had been battered by analysts in the preceding weeks over its lagging vehicle deliveries….
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Now, the company says it is between growth waves as it seeks to calm investors’ concerns about its direction.
The company this month told employees that it had to cut 10 percent of its global workforce after a “thorough review of the organization.” In a layoff notice obtained by The Washington Post, employees were told that Tesla, which has a large presence in California and Texas and factories in Germany and China, is looking “at every aspect of the company for cost reductions and increasing productivity,” according to the email, which was shared with The Post. Two prominent senior executives — a top engineering executive and a vice president of public policy and business development — also announced their departures the same day the layoffs were announced….