{"id":25971,"date":"2024-07-24T14:00:07","date_gmt":"2024-07-24T14:00:07","guid":{"rendered":"http:\/\/108010907"},"modified":"2024-07-24T14:00:07","modified_gmt":"2024-07-24T14:00:07","slug":"tesla-shares-fall-12-after-earnings-miss","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/tesla-shares-fall-12-after-earnings-miss\/","title":{"rendered":"Tesla shares fall 12% after earnings miss"},"content":{"rendered":"<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107363745\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Elon Musk, CEO of Tesla.<\/p>\n<p>Antonio Masiello | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">Tesla<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shares dropped 12% Wednesday morning after the electric car maker reported second-quarter earnings that missed expectations amid ongoing pressure in its auto business.<\/p>\n<p>Elon Musk&#8217;s electric vehicle firm on Tuesday announced that automotive revenue <span class=\"waslinkname\">declined 7% year on year in the June quarter to $19.9 billion<\/span> while its <span class=\"waslinkname\">adjusted earnings margin also fell<\/span>.<\/p>\n<p>The company has been forced to slash prices globally and offer discounts and incentives amid slowing sales and rising competition, especially in China \u2014 one of its key markets.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Tesla&#8217;s stock is nearly 1% lower this year to date, while the <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\"><span class=\"waslinkname\">S&amp;P 500<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> has risen more than 16%.<\/p>\n<p>Tesla remains the top seller of electric vehicles in the U.S. by far, but is losing market share to a growing number of rivals due in part to its aging lineup of sedans and SUVs and the impact of&nbsp;Musk&#8217;s<span class=\"waslinkname\">&nbsp;incendiary<\/span>&nbsp;and political commentary.<\/p>\n<p>Bulls and bears have been in a grapple over the stock, with some believing its core car business is under pressure, while others remain hopeful about a future <span class=\"waslinkname\">Musk<\/span> has promised around autonomous driving, AI and robotaxis.<\/p>\n<p>The market has been focused on a number of other areas around the Tesla story, including when the company will introduce a new mass-market car to reinvigorate its lineup of vehicles. Musk said on the earnings call Tuesday that Tesla is on track to deliver a new &#8220;affordable&#8221; car in the first half of next year.<\/p>\n<p>Robotaxis were a huge focus on the earnings call. Musk envisions a world in which owners can authorize their Tesla vehicle to be used as part of an Uber-style ride-hailing service \u2014 and where the cars would drive autonomously.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108010912\">\n<div role=\"button\" id=\"Placeholder-ArticleBody-Video-108010912\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000346590\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/07\/tesla-shares-fall-12-after-earnings-miss.jpg\" alt=\"Here's what we know about Tesla's robotaxis\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>When asked when he expects the first robotaxi ride, Musk said, &#8220;I would be shocked if we cannot do it next year.&#8221;<\/p>\n<p>Musk has a history of promising things on a particular timeline and not delivering. On Tuesday, he pushed back the date of the company&#8217;s robotaxi event to October, after previously saying it would take place in August.<\/p>\n<p>&#8220;This is because I wanted to make some important changes that I think would improve the vehicle,&#8221; Musk said, adding that Tesla is &#8220;going to show up a couple of other things.&#8221;<\/p>\n<p>Musk did not specify what these items would be.<\/p>\n<p>\u2014 <em>CNBC&#8217;s Lora Kolodny contributed to this report.<\/em><\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"RegularArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Don\u2019t miss these insights from CNBC PRO<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk, CEO of Tesla. Antonio Masiello | Getty Images Tesla shares dropped 12% Wednesday morning after the electric car maker reported second-quarter earnings that missed expectations amid ongoing pressure in its auto business. Elon Musk&#8217;s electric vehicle firm on Tuesday announced that automotive revenue declined 7% year on year in the June quarter to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":25972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-25971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25971"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=25971"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/25972"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=25971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=25971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=25971"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=25971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}