Latest news with #anti-Tesla
Business Insider
02-07-2025
- Automotive
- Business Insider
4 takeaways from Tesla's latest sales report
Tesla just experienced its steepest drop in quarterly vehicle deliveries to date, but you wouldn't know it looking at its stock price. Wall Street appears to believe that the numbers could've been worse, and the stock was up 4.86% at market close on Wednesday. The electric automaker delivered about 384,000 EVs in the second quarter, marking a 13.5% decrease from the 444,000 vehicles it delivered in the same period of 2024. The new report comes after a challenging first quarter for Tesla's vehicle deliveries, which the company attributed to an assembly line overhaul for the refreshed Model Y and anti-Tesla sentiment in certain markets. The two rough quarters also follow Tesla's first annual delivery decline in 2024. The automaker is facing multiple challenges, including a slowing EV environment, rising competition, the looming removal of consumer EV tax credits, and potential brand damage tied to Elon Musk's political stint. Despite the latest setback, Wall Street doesn't appear spooked by the numbers. Analysts explained why. 1. The numbers are bad, but not that bad Tesla's delivery report fell in line with analysts' average estimates, and the numbers were better than the most pessimistic of Wall Street forecasts. "We consider the release a modest disappointment, although vehicle sales weren't as weak as many had feared," CFRA analyst Garrett Nelson wrote in an analyst note on Wednesday. On average, analysts expected 389,400 vehicles delivered in the second quarter, according to data compiled by Bloomberg. However, some forecasts, like RBC Capital Markets, were as low as 366,000, and Tesla landed about 5% above that, with 384,000 deliveries. Thomas Monteiro, senior analyst at told BI that given the automaker's aging lineup, increasing competition, and political competition, Tesla showed its ability to stay relevant, which in and of itself could be viewed as a win for the automaker. Tesla bull Dan Ives told BI that "Rome wasn't built in a day," and he expects the automaker to take six to nine months to come back from its recent challenges, like the Model Y assembly line changeover. Monteiro said that if this is "the bottom for Tesla," the struggles of late 2024 and early 2025 could turn out to be a "temporary setback in the company's broader trajectory." 2. Tesla has a steep hill to climb After back-to-back quarters of declining sales, Tesla is looking to return to growth. The trouble is, the bigger the deliveries miss, the steeper the hill it has to climb to get there. In the first half of the year, Tesla delivered a total of roughly 720,700 EVs. To exceed its 2024 deliveries of 1,789,226 vehicles, Tesla would need to deliver well over a million EVs across the next two quarters. It's possible, but an ambitious feat for the EV maker. In the third quarter last year, Tesla delivered 462,890 vehicles, and in the fourth quarter, it hit about 495,000. A more affordable model could spur sales, but Tesla hasn't given an updated timeline for its cheaper EV, which it had previously said was on track to begin production in the first half of the year. 3. The stock is up Tesla stock popped immediately following the results and ended the day up over 4.8%. In addition to staying above the lowest of Wall Street's estimates, another factor could also be China's Passenger Car Association releasing data indicating Tesla saw its first increase in 2025 vehicle deliveries from its Shanghai factory, a key production plant for global exports. In June, Tesla delivered 71,599 units from the factory, marking a 0.8% year-over-year increase and a 16% monthly increase, according to the data. That could indicate a bright spot for Tesla's China growth prospects, a market where the automaker is facing increasing competition and just lost its top manufacturing executive. 4. Tesla isn't out of the woods Not all analysts had an optimistic take on Tesla's numbers. Gadjo Sevilla, a senior tech and AI analyst for EMARKETER, a sister company to BI, said that Tesla's headwinds contributed to the sales decline and the automaker may be "stretching itself thin" with the robotaxi rollout and Optimus humanoid robot development. Those projects "divert time, talent, and resources from EVs," Sevilla said. Musk has said that solving autonomy and developing related technology that utilizes the technology, such as Optimus, are key to Tesla's future growth. "Increased EV competition, especially in growth markets like China, and the continued slowdown in global EV adoption will continue to compound Tesla's losses," Sevilla said. While Musk has returned his focus to Tesla, his favorability has taken a hit from many on both the political right and the left, according to recent polls. Shortly after leaving his position in DOGE, the billionaire sparked an ongoing public feud with President Donald Trump regarding his Big Beautiful Bill. As the two take turns exchanging insults on social media, Tesla has seen sharp swings in its share price.
Business Insider
02-07-2025
- Automotive
- Business Insider
Tesla's delivery numbers are as bad as Wall Street expected — and the stock is up
Tesla 's delivery numbers are in — and they're as bad as Wall Street expected. The electric automaker delivered 384,000 EVs in the second quarter, narrowly missing analysts' grim expectations. Wall Street had prepared for disaster, with analysts on average expecting 389,400 vehicles delivered in the quarter, according to data compiled by Bloomberg. The actual number represents a year-over-year decrease of 13.5% from the roughly 444,000 vehicles it delivered in the second quarter of 2024. This is the biggest quarterly decline in pure numbers in Tesla's history, representing a drop of 60,000 deliveries compared to Q2 2024. The latest report follows a bruising first quarter for Tesla. The automaker delivered nearly 336,700 EVs in the first quarter of 2025, marking a 13% decrease from the same period in 2024 and its lowest quarter since 2022. Tesla's stock was around 3% higher soon after the market opened Wednesday following the announcement. The challenging quarter came after Tesla experienced its first year-over-year delivery decline in 2024 as the company grappled with an industry-wide EV slowdown, increasing competition, and backlash from some against Elon Musk's political actions. In the company's first quarter earnings call, CFO Vaibhav Taneja attributed lower delivery numbers to assembly line changeover for the refreshed Model Y and anti-Tesla hostility that had an impact in some markets. The refreshed Model Y — Tesla's best-selling vehicle — has since launched, fueling an increase in new vehicle sales in April for the automaker as other manufacturers saw a monthly decrease, according to Cox Automotive data. However, it's not the more affordable model that the company previously said was on track to begin production by the end of June. Although Musk stepped down from his political stint at the White House, the full extent of any brand damage to Tesla is not clear. The company's stock got a boost after Musk stepped away from his work with DOGE, though the Tesla CEO later ignited a highly public feud with Trump. Tesla's stock has seen volatile swings in recent weeks as the two trade insults. Tesla is looking to buck its sales slump Tesla's delivery report arrives as the automaker has faced shrinking sales in multiple markets in recent months. Data from Shanghai-based consultancy ThinkerCar indicated that Tesla's EV sales in China decreased 18% year-over-year between January and May as its rival BYD surged. The company did get some good news in its second-largest market on Wednesday. According to data from China's Passenger Car Association, the number of cars shipped from Tesla's Shanghai factory rose slightly in June compared to last year, halting an eight-month run of year-over-year sales declines. Tesla's EU market share dropped year over year from 1.6% to 0.9% in May, according to data from the European Automobile Manufacturers' Association. The automaker saw a 45.2% drop in EV registrations in the first five months of the year in Europe. When previously asked about declining Tesla sales in Europe, Musk has said that Europe is not a key market for the EV maker and that demand remains strong in other regions. "Europe is our weakest market," Musk said at the Qatar Economic Forum in May. May data from Cox Automotive suggests that the US EV industry is also facing challenges. New EV sales are down 10.7% year over year despite a 4.2% uptick from the month prior, according to the data. Despite the industrywide headwinds, the report estimated that Tesla remained the market leader in May. Musk has said that Tesla's bet on solving full vehicle autonomy is key to the company's future growth. The company launched a limited rollout of its robotaxi service in Austin in June, with plans to expand the service in the coming months.
Business Insider
02-07-2025
- Automotive
- Business Insider
Tesla's delivery numbers are out — and they're just as bad as Wall Street predicted
Tesla 's delivery numbers are in — and they're as bad as Wall Street expected. The electric automaker delivered 384,000 EVs in the second quarter, narrowly missing analysts' grim expectations. Wall Street had prepared for disaster, with analysts on average expecting 389,400 vehicles delivered in the quarter, according to data compiled by Bloomberg. The actual number represents a year-over-year decrease of around 13% from the roughly 444,000 vehicles it delivered in the second quarter of 2024. This is the biggest quarterly decline in pure numbers in Tesla's history, representing a drop of 60,000 deliveries compared to Q2 2024. The latest report follows a bruising first quarter for Tesla. The automaker delivered nearly 336,700 EVs in the first quarter of 2025, marking a 13% decrease from the same period in 2024 and its lowest quarter since 2022. The challenging quarter came after Tesla experienced its first year-over-year delivery decline in 2024 as the company grappled with an industry-wide EV slowdown, increasing competition, and backlash from some against Elon Musk's political actions. In the company's first quarter earnings call, CFO Vaibhav Taneja attributed lower delivery numbers to assembly line changeover for the refreshed Model Y and anti-Tesla hostility that had an impact in some markets. The refreshed Model Y — Tesla's best-selling vehicle — has since launched, fueling an increase in new vehicle sales in April for the automaker as other manufacturers saw a monthly decrease, according to Cox Automotive data. However, it's not the more affordable model that the company previously said was on track to begin production by the end of June. Although Musk stepped down from his political stint at the White House, the full extent of any brand damage to Tesla is not clear. The company's stock got a boost after Musk stepped away from his work with DOGE, though the Tesla CEO later ignited a highly public feud with Trump. Tesla's stock has seen volatile swings in recent weeks as the two trade insults. Tesla is looking to buck its sales slump Tesla's delivery report arrives as the automaker has faced shrinking sales in multiple markets in recent months. Data from Shanghai-based consultancy ThinkerCar indicated that Tesla's EV sales in China decreased 18% year-over-year between January and May as its rival BYD surged. The company did get some good news in its second-largest market on Wednesday. According to data from China's Passenger Car Association, the number of cars shipped from Tesla's Shanghai factory rose slightly in June compared to last year, halting an eight-month run of year-over-year sales declines. Tesla's EU market share dropped year over year from 1.6% to 0.9% in May, according to data from the European Automobile Manufacturers' Association. The automaker saw a 45.2% drop in EV registrations in the first five months of the year in Europe. When previously asked about declining Tesla sales in Europe, Musk has said that Europe is not a key market for the EV maker and that demand remains strong in other regions. "Europe is our weakest market," Musk said at the Qatar Economic Forum in May. May data from Cox Automotive suggests that the US EV industry is also facing challenges. New EV sales are down 10.7% year over year despite a 4.2% uptick from the month prior, according to the data. Despite the industrywide headwinds, the report estimated that Tesla remained the market leader in May. Musk has said that Tesla's bet on solving full vehicle autonomy is key to the company's future growth. The company launched a limited rollout of its robotaxi service in Austin in June, with plans to expand the service in the coming months.
Miami Herald
14-06-2025
- Business
- Miami Herald
Tesla claims rival startup is built on stolen trade secrets
Most people are waiting early for news on Tesla's (TSLA) planned robotaxi rollout, an event that CEO Elon Musk has been hyping up for months. With the buzz surrounding this well-publicized event, one that could usher in a new era for the automotive transportation industry, it can be easy to overlook Tesla's updates in other areas. But the company recently revealed that it may face a new challenge from a competitor in a different part of the sector. Don't miss the move: Subscribe to TheStreet's free daily newsletter On Wednesday, June 11, Tesla filed a complaint in a San Francisco Federal Court, accusing a former employee of leaving the company with illegal material that may have been used to launch another company, which several prominent venture capitalists have backed. Now this startup is threatening Tesla's progress in a fast-growing market, and Musk's company is taking legal action in an attempt to avoid loss of market share. Image source: Zawrzel/NurPhoto via Getty Images Over the past few years, Tesla's Optimus program, its division that focuses on developing humanoid robot technology, has come into focus as Musk has touted its progress. He's discussed a future in which robots outnumber humans and perform many of the tasks typically done by humans. Related: Elon Musk finally gets some good news from Jeff Bezos That may sound like something out of a work of science fiction, but Tesla's more recent news reads more like something out of a novel by John Grisham or Scott Turow. The company is suing a former employee who left the company and promptly started a competitor, allegedly with stolen trade secrets. Zhongjie "Jay" Li spent two years at Tesla, serving as a Technical Lead between August 2022 and September 2024. During this time, he "advanced robotic hand sensors - and was entrusted with some of the most sensitive technical data in the program," according to the company's attorneys. When he left Tesla, though, Li allegedly walked away with highly classified information that the company believes he used to launch listed as being launched the same month that he departed. The startup's LinkedIn profile states that it creates "humanoids dexterous enough to thread a needle." More Tesla News: Tesla rival gets good news as robotaxi launch loomsThe 'anti-Tesla' gives American buyers more good newsTesla makes a desperate move as it continues to lose customers did not immediately respond to an inquiry from TheStreet regarding the lawsuit, and so far, has not issued a public statement on Tesla's accusations. However, Li has posted to X recently, implying - but not explicitly stating - that he doesn't trust Musk. Musk has staked much of Tesla's growth prospects on its robotaxi launch and its plans to advance into the humanoid robotics market. However, the lawsuit against Li isn't the only potential hurdle for the company to overcome as it rushes to usher in a turnaround. Related: Tesla faces new challenge as leader announces exit Early in June, Tesla lost one of its engineering leaders, as Vice President of Engineering Milan Kovic announced he would step down from his role at Optimus, effective immediately. He said his decision had nothing to do with Musk and purely reflected his own desire to spend more time with family. Even so, Musk's robotaxi ambitions are facing a growing list of challenges at a highly pivotal time. The company's declining sales across the U.S., Europe, and China indicate that it will need to make progress in other areas to remain competitive and keep shares elevated, despite Musk's decision to return to the company. Tesla has teased progress from its robotics division, including sharing a video of a dancing robot. But Proception claims to have overcome one of robotics' biggest challenges, that of creating a hand that can truly match human dexterity. It remains unknown how the lawsuit will progress. But in the short term, Tesla must deal with the fact that a new rival appears to be making progress in an important area. Related: Elon Musk company reveals major leap forward The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
11-06-2025
- Business
- Miami Herald
Elon Musk finally gets some good news from Jeff Bezos
The future of space transportation is looking increasingly complicated, as the falling-out between SpaceX CEO Elon Musk and U.S. President Donald Trump drags on. After Musk levied strong accusations against Trump and publicly stated he would not have been elected without his support, the president struck back with threats to cancel several SpaceX contracts. This leaves the company's short-term future in a precarious position, jeopardizing Musk's ambitions of colonizing Mars. Don't miss the move: Subscribe to TheStreet's free daily newsletter Multiple space stocks responded to news of this conflict by surging, as investors looked to capitalize on SpaceX's questionable future. But one of Musk's primary rivals, a fellow privately held space exploration company, also recently revealed some less-than-positive news. Blue Origin, owned by Amazon founder Jeff Bezos, recently made an announcement regarding its plans for the future, which could be regarded as good news for SpaceX and Musk. Image source: Terence Lewis/Icon Sportswire via Getty Images While they both rose to fame founding companies that aren't direct competitors, Musk and Bezos are clear rivals in the space race. SpaceX and Blue Origin are both privately held and focused on space exploration and rocket technology. Related: Tesla faces new challenge as leader announces exit SpaceX is intended to be Musk's vehicle for colonizing Mars, while Bezos seems intent on cornering the space tourism market, which also includes rivals such as Richard Branson's Virgin Galactic. However, the two private companies are considered the leaders in the space exploration field. Blue Origin, though, recently reported what seems to be a setback. The company had been targeting Spring 2025 for the launch of its New Glenn rocket, a 320-foot-tall (98 meters) spacecraft with a reusable first stage, but now it has announced that the new launch will be held no earlier than (NET) August 15, 2025. CEO David Limp posted about to the delayed launch on X, revealing that one of the mission's key objectives would be to land and recover its booster. "This will take a little bit of luck and a lot of excellent execution," he states, adding that the company is on track to produce GS2s, referring to the second stage of the rocket. Following New Glenn's mostly successful January 2025 mission, the company hasn't indicated more progress toward further launches, even after its leaders initially set high expectations for its rocket launches. Now, as Ars Technica speculates, the August launch may be the only one Blue Origin completes this year. More Elon Musk News: Elon Musk company reveals major leap forwardThe 'anti-Tesla' gives American buyers more good newsElon Musk's DOGE made huge mistakes with veterans' programs While Bezos may not be happy about this launch delay, it is excellent news for Musk, whose own company has seen three rockets explode so far this year. Even before the company's third mission spiraled out of control mid-flight, regulators had expressed concern about possible safety risks for people on the ground. There's no denying that both companies have faced challenges this year, as both race to outmaneuver each other and establish themselves as the leader of the space exploration market. Recent projections show that the space economy is expected to reach a $944 billion valuation by 2033, revealing a lot of room to run for companies. Related: Space stocks soar as Elon Musk and Donald Trump argue The problems plaguing both companies, though, raise the question of which one is better positioned to keep growing. SpaceX has launched several rockets this year, but its track record hasn't been encouraging, given the trend of explosions. And while Blue Origin has delayed its launch, that doesn't mean it will go well when it happens. On top of that, SpaceX still faces the possibility that it may lose out on lucrative federal contracts, unless Musk and Trump's feud is resolved soon. The zero-sum nature of financial markets means that for as long as its prospects appear uncertain, rivals will likely continue to gain. In this case, the list of companies that may benefit from SpaceX's uncertain future includes Blue Origin. Related: Billionaire fund manager, skeptical of AI, backs shocking stock The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
