this post was submitted on 09 May 2025
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Things at Tesla are worse than they appear (edition.cnn.com)
submitted 1 day ago by technocrit@lemmy.dbzer0.com to c/technology@lemmy.world
52 comments fedilink hide all child comments
 

Things are undoubtedly bad at Tesla. Its sales are dwindling. Its profits are plunging, as is its share price. There are regular protests outside its showrooms. The Cybertruck is a flop. And somehow, it’s actually a lot worse than that.

The 71% drop in net income it just reported may have been overshadowed by CEO Elon Musk’s announcement that he would be stepping back from his controversial duties at the Department of Government Efficiency (DOGE). But that drop is just one indication of serious financial sickness at the EV maker, problems brought on by falling sales for the first time in its history and falling prices for electric vehicles.

The bottom line problem at Tesla is its vanishing bottom line. A deeper look at its first quarter report shows it’s now losing money on what should be its ostensible reason for existence – selling cars.

It was only able to post a $409 million profit in the quarter thanks to the sale of $595 million worth of regulatory credits to other automakers.

But if the Trump administration gets its way, the company can kiss those regulatory credits keeping it in the black goodbye, too.

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[–] Pnut@lemm.ee 5 points 5 hours ago

At this point of negative journalism, any company that didn't choose to bend the knee to Trump's lunacy would have been denied. The right hates electric vehicles. The right hates these pesky journalists. The right says they're clever enough to see a grifter. However, when an electric car company run by an un-qualified rich boy from South Afrika utilises the media to inflate their numbers so they can sell more electric cars to the people they betrayed (not their "new customers", they won't buy into electric because of their personal politics) it's all "why have trans people existed for so long?"

Monkeys amongst apes.