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

October 23, 2025October 22, 2025 ~ knjohn ~ Leave a comment

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.

Tesla Robotaxi reveal: What to expect | TechCrunch

October 9, 2024October 8, 2024 ~ knjohn ~ Leave a comment

Tesla is gearing up to reveal its Robotaxi this Thursday, and everyone wants to know what it will look like, whether Tesla will unveil a commercialization strategy, and what outrageous timelines Elon Musk might announce to bump Tesla’s stock.

The “We, Robot” event will take place at 7 p.m. PT at Warner Bros. Discovery’s movie studio in Burbank, California, and we’ve got details on how to watch it here.

Musk had originally planned to reveal the Robotaxi – which he has also referred to as a Cybercab – on August 8. That’s a deadline Musk set for himself and Tesla a few hours after a Reuters report found that the automaker shelved its plan to build a lower-cost EV and would instead focus its resources on a robotaxi.

Tesla sales fall again as more automakers crowd electric vehicle market | CNN Business

July 3, 2024July 2, 2024 ~ knjohn ~ Leave a comment

Tesla sales fell for the second straight quarter. It marks the first time in the company’s history that sales declined from the previous year for two quarters in a row.

Tesla’s sales for the quarter came in at nearly 444,000 cars, down about 5% from a year ago. That’s less than the 8.5% drop the company saw in the first quarter. But Tesla, and its share price that has made CEO Elon Musk one of the wealthiest people in the world, has been built on a history of growing auto sales.

The drop in sales demonstrates the increased competition within the market for electric vehicles. While overall sales of EVs continue to grow, the pace of industrywide growth has proved to be less than expected, resulting in investors clamoring for each car sold to be more profitable than before.

Tesla shareholders vote yes again to approve Elon Musk’s $56B pay plan | TechCrunch

June 14, 2024June 13, 2024 ~ knjohn ~ Leave a comment

Tesla CEO Elon Musk has secured enough shareholder votes to have his 2018 stock option compensation package approved. Shareholders also approved the company’s decision to re-incorporate of Tesla in Texas, moving it away from the state where Musk’s pay package was struck down: Delaware.

Shareholders present at the company’s annual meeting Thursday held at Tesla’s Texas gigafactory, cheered and gave a standing ovation when general counsel Brandon Ehrhart announced the results of the vote. The margin of victory was not immediately clear.

“I just want to start off by saying: Hot damn, I love you guys,” Musk said as he leapt around on the stage Thursday. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book.”

Tesla may be floundering—but Ford’s EV sales tell a different story | Fast Company

May 13, 2024May 12, 2024 ~ knjohn ~ Leave a comment

Tesla, you may have heard, is going through a rough patch, and the company represents a large enough share of U.S. electric vehicle sales that its problems could lead to a down year for the entire market.

But that hasn’t happened—at least not yet—partly because several other brands’ EV sales have risen to take the sting out of Tesla’s decline.

Ford is looking especially good, with year-to-date sales through April of 28,252 EVs, an increase of 97% from the same period last year. That makes Ford the country’s second-leading EV brand, although Tesla still outsells Ford’s EVs at a rate of about seven to one.

Tesla: Elon Musk’s EV maker to settle over fatal Autopilot crash | BBC

April 11, 2024April 9, 2024 ~ knjohn ~ Leave a comment

Electric car giant Tesla has agreed to settle a lawsuit over a crash in 2018 which killed Apple engineer Walter Huang after his Model X, operating on Autopilot, collided with a highway barrier.

The case, brought by Mr Huang’s family, was scheduled to begin in the California Superior Court this week.

If the trial had gone ahead, it would have brought increased scrutiny of the firm’s Autopilot and Full Self-Driving technology.

The terms of the settlement were not disclosed and reports have said the deal still needs to be approved by a judge. Tesla did not immediately respond to a BBC request for comment.

Before the settlement, Tesla argued that Mr Huang had misused the system because he was playing a video game just before the accident.

Judge strikes down Elon Musk’s massive, multi-billion-dollar pay package | CNN Business

January 31, 2024January 30, 2024 ~ knjohn ~ Leave a comment

A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world.

Delaware Chancery Court Chancellor Kathaleen McCormick, who oversaw the bench trial that concluded in November 2022, ruled Tuesday that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.”

The 303 million split-adjusted stock options that Musk had received as part of the package are worth $51 billion today, when calculated using Tuesday’s closing price, less the modest exercise price of $23.34 a share.

The case was argued in Delaware, where Tesla and many other major US corporations are incorporated. While Musk did not have an immediate comment on the decision, he did tweet Tuesday, “Never incorporate your company in the state of Delaware.”

Tesla begins notifying workers who were affected by data breach | CNN Business

August 22, 2023August 20, 2023 ~ knjohn ~ Leave a comment

Tesla has begun notifying current and former employees whose information was included in a confidential data breach in May.

In a notice posted on the Maine Attorney General’s website on Friday, Tesla (TSLA) said an investigation had found “two former Tesla (TSLA) employees misappropriated the information in violation of Tesla (TSLA)’s IT security and data protection policies” and that the electric automaker had since filed lawsuits against them.

“These lawsuits resulted in the seizure of the former employees’ electronic devices that were believed to have contained the Tesla information,” Tesla said. The company added that it “also obtained court orders that prohibit the former employees from further use, access, or dissemination of the data, subject to criminal penalties.”

Tesla profits climb despite price cuts | CNN Business

July 20, 2023July 19, 2023 ~ knjohn ~ Leave a comment

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.

Tesla Q3 revenue falls short of expectations, while energy unit shows growth | TechCrunch

October 20, 2022October 19, 2022 ~ knjohn ~ Leave a comment

Tesla reported Wednesday reported revenue of $21.45 billion in the third quarter, another record-setting period that still missed analysts expectations.

Shares fell 3.5% in after-hours trading following the earnings release.

Tesla’s net income for the third quarter was $3.3 billion nearly double the $1.62 billion it earned in the same period last year. The company said profits were squeezed by increases in raw material costs as well as issues ramping up production at its Germany and Texas factories as well as 4680 battery cell production. Tesla also cited a strengthening dollar as another factor in its third quarter results.