Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Tesla's second-quarter profits for 2024 plummeted by 45%, with net income falling to $1.47 billion, well below analysts' expectations of $1.9 billion. The electric vehicle giant faced headwinds from slower sales, increased costs due to employee layoffs, and significant investments in artificial intelligence infrastructure.
The company is also prioritising the development of Optimus, an autonomous humanoid robot. Musk stated that these robots are already performing tasks in Tesla factories, with limited production for consumer use expected to begin in 2026.Despite the challenges, Tesla delivered nearly 444,000 EVs in the second quarter. While this represents a 4.7% year-over-year decrease, it's an improvement from the first quarter's 387,000 deliveries.
The price is now testing previous trendline resistance from the July 2023 highs, which it broke above around four weeks ago. Tesla has rallied over 60% from the April lows, so some further consolidation or losses would not be surprising.