Tesla profits drop 55%, company says EV sales 'under pressure' from hybrids ( techcrunch.com )

circuitfarmer , 2 months ago

• Now-famous poor quality control
• Questionable design decisions like shifting with a screen
• Company smells Musky

Yeah, I'm sure it's the hybrids.

nxdefiant , 2 months ago

Fuck I hope musk gets canned over this. I know the chances are near nill, but hey, a human can hope.

Guntrigger , 2 months ago

Haha yes. I'm sure it's the hybrids (which have always been competition) and not the unhinged CEO, poor quality forcing recalls, poor progress at self driving to a point it is being overtaken by other manufacturers and a general drop in brand confidence.

BrikoX OP , 2 months ago

It's both. Hybrid popularity skyrocketed during the pandemic.

nxdefiant , 2 months ago

That's mostly because used cars cost as much as new cars, and new cars were hard to come by thanks to chip shortages, so if you wanted a car you got what you could get. Everything sold during the pandemic.

BrikoX OP , 2 months ago

It was boosted by pandemic, but the trend is still going strongly, so that argument doesn't hold any water.

nxdefiant , 2 months ago

Well you said "during the pandemic". That was the context for my response, I never said anything about after.

BrikoX OP , 2 months ago

Your argument was that people bought anything that moved and that's why hybrids got popular, which is plainly not supported by the data.

All the top tier manufacturers that went all in into EVs are reversing their stance and going full force in hybrid production. That started during the pandemic and continues to this day.

US only sales data
https://lemmy.zip/pictrs/image/b912274f-4eff-4735-af1a-8b8aa326f15f.webp

Guntrigger , 2 months ago

I'm really confused by the data you're providing as evidence, as it seems to say the opposite of what you are trying to prove.

Year on year increase for both EV and PHEV with both a bigger market share and bigger slice for EV is what I see there. PHEV has been around 20% of the total (with some fluctuations) since the pre-pandemic boom.

autotldr Bot , 2 months ago

This is the best summary I could come up with:

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Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy and “several unforeseen challenges” cut into the automaker’s bottom line.

The company said in its Q1 earnings report that it experienced “numerous challenges” in the first quarter, including the Red Sea conflict and the arson attack at Gigafactory Berlin and the gradual ramp of the updated Model 3 at its factory in Fremont, California.

Despite the downward trend in profits, Tesla used the first-quarter report to focus on the future, namely about using AI to make advances in autonomy and the introduction of new products, including those built on a next-generation vehicle platform.

Two high-profile executives — Drew Baglino, Tesla’s SVP of Powertrain and Energy, and Rohan Patel, VP of Public Policy and Business Development — also left the company.

Tesla CFO Vaibhav Taneja said Tuesday during the earnings call that the savings generated from the workforce reduction is expected to be well in excess of $1 billion on an annual basis.

That revenue source should increase as more automakers, including Ford, GM, Rivian and VW adopt Tesla’s technology known as North American Charging Standard.

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