Tag: electric cars

Tesla posts bigger than expected drop in earnings despite record sales | CNN Business

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You’d think after a tumultuous year for Elon Musk’s car company, Wall Street would be cheering Tesla’s record quarterly sales. They’re not.

That’s for two main reasons: First, Tesla’s profit fell from a year ago and missed analysts’ estimates.

Second, Tesla’s sales were largely booming last quarter because customers scrambled to nab electric cars before a US tax credit expired.

Shares of Tesla (TSLA) fell 2% in after-market trading following the report, but ahead of a call for investors scheduled for 5:30 pm ET.

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Elon Musk: Tesla Robotaxi Is Arriving in August | Entrepreneur

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Amid news of Tesla’s first year-over-year sales decline since 2020, the electric car company is setting the scene for a unique product launch.

Tesla CEO Elon Musk posted on X that the company will unveil its first robotaxi on August 8. However, the unveiling date does not mean that’s when deliveries will begin — the first deliveries of another Tesla product, the Cybertruck, arrived years after its unveiling.

Tesla’s first autonomous taxi will join a market that already features offerings from competitors such as Waymo, an independent company that started as Google’s self-driving car project, and Cruise, General Motors’ company.

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Tesla profits climb despite price cuts | CNN Business

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Tesla reported a much bigger-than-expected increase in profits, despite a series of price cuts that trimmed the amount of revenue per vehicle sold.

Tesla (TSLA) reported adjusted earnings of $3.1 billion, or 91 cents a share, up 20% from the second quarter last year. Analysts surveyed by Refinitiv had forecast earnings of 82 cents a share.

Its profit margin of 18.2% was also better than expected, although profit margins were still smaller than they were last year due to the series of price cuts the company announced since earlier this year. A year ago, Tesla’s margin was 25%, and even reported a 19.3% profit margin in the first quarter, when it first started to put the price cuts in place. But the forecast was that the continued price cuts would drop the profit margin under 17% in the most recent quarter.

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California’s Plan to Electrify Uber and Lyft Doesn’t Add Up | WIRED

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GABE ETS-HOKIN HAS been picking up Bay Area Uber and Lyft passengers in electric vehicles since 2018, and he says he is never going back to petrol. “The day-to-day reality of driving an electric vehicle is like a gasoline car, except it’s quieter, more fun to drive, more comfortable, and passengers love it,” he says.

EVs, he explains, are an especially good fit for the stop-and-start of driving in dense cities because they use regenerative braking, which captures the energy used to slow to a stop and “reinvests” it in charging the battery. Instead of tracking down public chargers, he hooks his car up to the charger he’s installed at his house.

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The US Refuses to Fall in Love With Electric Cars | WIRED

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IN DECEMBER 2021, sales of electric vehicles overtook sales of diesel cars for the first time in Europe, as 176,000 EVs rolled out of car dealerships across the continent. At the same time in China, the country’s automotive industry announced that EV sales for the year had ballooned by 158 percent compared with 2020, as more than 3.5 million vehicles took to the roads.

These sales figures were not a blip. In Europe, EVs made up an estimated 14 percent of all new vehicles sold in 2021, according to the banking and financial services company ING. In China, it was 9 percent.

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Tesla delivers $311m quarterly profit | BBC News

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Tesla has reported a quarterly profit for just the third time in its 15-year history.

The electric car-maker made a record $311.5m (£241m) in the three months to 30 September, as the pace of car deliveries accelerated.

The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year.

Tesla’s last profitable quarter came in 2016 and it had faced mounting questions about its finances.

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Another Oil Crash Is Coming, and There May Be No Recovery | Bloomberg Business

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It’s time for oil investors to start taking electric cars seriously.

In the next two years, Tesla and Chevy plan to start selling electric cars with a range of more than 200 miles priced in the $30,000 range. Ford is investing billions, Volkswagen is investing billions, and Nissan and BMW are investing billions. Nearly every major carmaker—as well as Apple and Google—is working on the next generation of plug-in cars.

This is a problem for oil markets. OPEC still contends that electric vehicles will make up just 1 percent of global car sales in 2040. Exxon’s forecast is similarly dismissive.

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