Tesla · Elon Musk · China · DAN (Do Anything Now) · Axios
Tesla EV sales "underwhelming" as Elon Musk shifts to AI
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Tesla's electric vehicle sales disappointed investors in the first quarter, but CEO Elon Musk doesn't seem to mind as he sets his sights on an AI-powered future.
Key facts
- The showing illustrates how "Tesla is actively sacrificing its EV business in favor of a fully autonomous future," according to William Blair analyst Jed Dorsheimer
- Tesla's first-quarter deliveries, a close proxy for sales, totaled 358,023
- Tesla's electric vehicle sales disappointed investors in the first quarter, but CEO Elon Musk doesn't seem to mind as he sets his sights on an AI-powered future
- EV sales still pay the bills for Tesla, providing critical cash flow to fund costly endeavors like humanoid robots and self-driving car technology
Summary
EV sales still pay the bills for Tesla, providing critical cash flow to fund costly endeavors like humanoid robots and self-driving car technology. Tesla's first-quarter deliveries, a close proxy for sales, totaled 358,023. That was up 6% from the same period a year earlier, when the company was dealing with a sales backlash from Musk's leadership of President Trump's Department of Government Efficiency. But the performance marked an "underwhelming start" to the year, missing consensus estimates of 370,000, Wedbush Securities analyst and Tesla bull Dan Ives wrote in a research note.