Elon Musk admits ‘rough’ times ahead for Tesla as company focuses less on selling cars, more on robo-taxis
Why Tesla shares fell as Musk issues warning
- Tesla shares fell after CEO Elon Musk warned of
- The electric vehicle maker reported a 12 per cent drop in revenue and a 16 per cent fall in profit, facing increased competition and the impact of Musk's political affiliations.
- Tesla's financial challenges include the loss of a $7,500 EV tax credit, reduced income from regulatory credits, and hundreds of millions in costs due to tariffs imposed by Donald Trump.
- Musk indicated a strategic shift towards self-driving taxis, automated driving software, and robotics, rather than focusing primarily on car sales.
- The company began rolling out its paid robo-taxi service in Austin, Texas, in June, with plans to expand to other cities soon