The profits of the first trimester of Tesla ransacked by more than two thirds in the middle of a violent reaction against the electric car company of Elon Musk, which has been sales and has sent its values. The automobile manufacturer warned of a blow to demand due to “changing political feeling.”
Austin’s company, Texas, said on Tuesday, April 22, that quarterly profits fell 70% to $ 409 million, or 12 cents per share. Tesla’s revenues fell 9% to $ 19.3 billion in the period from January to March, below the Wall Street forecast.
The results occur when the company struggles to sell cars to consumers angry at Musk’s leadership of a federal government work group that has divided the country and caused protests. Musk has also publicly supported extreme right politicians in Europe and also alienated potential buyers there.
Many investors have also complained that Musk is too distracted with his role from the Trump administration to direct Tesla and that he must give up his position as CEO or abandon his advice role in Washington. Tesla’s shares have fallen more than 40% this year, but increased slightly in trade off hours. The company will hold a telephone conference to review the quarterly results and give an update of the company on Tuesday afternoon.
Tesla investors will listen closely updates on several strategic initiatives. The company is expected to deploy a cheaper version of its best -selling vehicle, the model SUV and later in the year. Tesla has also said that he plans to start a driving robotaxi service paid in Austin, Texas, in June.
The company that once dominated EV also faces a fierce competition for the first time. Earlier this year, the Chinese manufacturer of EV Byd announced that he had developed an electric battery charge system that can completely feed a vehicle in a matter of minutes. And the European rivals of Tesla have begun to offer new models with advanced technology that makes them real alternatives, just like popular opinion in Europe has become against Musk.
Investors expect Tesla to be injured less for the Trump administration tariffs than most US automotive companies. Because it manufactures most of their US cars nationwide. But Tesla won completely unharmed. He obtains some materials from abroad that will now face import taxes.
China’s reprisals will also damage Tesla. The company was forced earlier this month to stop taking orders from continental customers for two models, its S model and the model X. makes the model and model 3 for the Chinese market in its factory in Shanghai.
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