Wall Street is looking to Tesla's earnings for clues to Musk's plan to restore company's w

  • 📰 cbsaustin
  • ⏱ Reading Time:
  • 76 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 58%
  • Publisher: 51%

Electric Vehicles News

Elon Musk,Full Self Driving,Model 2

Faced with falling global sales and a diving stock price, Tesla has slashed prices again on some of its electric vehicles and its 'Full Self Driving' system in

by TOM KRISHER AP Auto WriterFILE - The logo for the Tesla Supercharger station is seen in Buford, Ga, April 22, 2021. Faced with falling global sales and a tumbling stock price, Tesla has slashed prices again on some of its electric vehicles and its “Full Self Driving” system. Tesla releases first-quarter earnings Tuesday, April 23, 2024.

In 2019, Musk promised a fleet of autonomous robotaxis by 2020 that would bring income to Tesla owners and make their car values appreciate. Instead, they've declined with price cuts, as the autonomous robotaxis have been delayed year after year while being tested by owners as the company gathers road data for its computers.

On Monday, as investors digested the price cuts, shares in Tesla Inc., which is based in Austin, Texas, fell another 3.4%, pushing the year-to-date decline to just under 43%. Since the start of the year, though, the S&P 500 index is up about 5%.In a note to investors Monday, Bank of America Global Research analyst John Murphy wrote that Tesla's shares have been under pressure since the start of the year due to weaker EV sales, and production that exceeds demand.

Last week Tesla announced it would cut 10% of its 140,000 employees, and key executive Andrew Baglino, senior vice president of powertrain and energy engineering, announced he was leaving after 18 years. The company also announced that it would ask shareholders to restore a $56 billion pay package for Musk that was rejected by a Delaware court.

Early last year the National Highway Traffic Safety Administration made Tesla recall its "Full Self-Driving" system because it can misbehave around intersections and doesn't always follow speed limits. Tesla's less-sophisticated Autopilot system also was recalled to bolster its driver monitoring system.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 595. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla Earnings Preview: Elon Musk Up Against the Wall Amid Flurry of Red FlagsStocks Analysis by Investing.com (Francesco Casarella) covering: Tesla Inc, Xiaomi Corp. Read Investing.com (Francesco Casarella)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »