According to CNN Business, Elon Musk has been having a bad season in his Tesla business:
The automaker reported its revenue fell 9%, with auto revenue falling 20%. Adjusted income tumbled 39%. Those drops were bigger than forecast. It’s net income, the strictest definition of its profitability, plunged 71% compared to a year earlier.
Tesla warned investors in early April that it had suffered its biggest drop in sales in its history during the first quarter, delivering 50,000 fewer vehicles compared to the first three months of last year. The sales plunge meant that Tesla recorded its lowest sales in nearly three years.
The decline is stunning for a company that until recently was reporting year-over-year sales growth of between 20% and 100% virtually every quarter, which was largely responsible for its lofty stock price that made it worth more than any other automaker in the world.
Europe doesn't want his cars; neither does China which makes better, cheaper electric vehicles. The Cybertruck is a complete bust with eight recalls in 2024 and 2025. Trump's tariffs will screw up the US market.
Elon's having a well deserved bad moment.
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