Tesla's Profit Declines as Robotaxi Launch Delayed, Stock Plummets
Elon Musk's ambitious plans for autonomous vehicles face setbacks, leading to a significant drop in Tesla's stock value.
- Tesla's adjusted earnings fell to 52 cents per share, missing estimates for the fourth consecutive quarter.
- The unveiling of Tesla's autonomous robotaxi prototypes has been postponed to October, affecting investor confidence.
- Tesla's automotive revenue dropped 7% year-on-year, with increased competition and price cuts impacting margins.
- CEO Elon Musk confirmed delays in new affordable car production and the Mexico factory project due to political uncertainties.
- Tesla's stock fell by nearly 8% in premarket trading following the disappointing earnings report and delayed robotaxi event.
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