Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles.
By Tom Krisher and David Hamilton, Associated PressA Tesla charging station is seen, Sept. 28, 2023, in Woodstock, Ga.
Excluding one-time items such as stock-based compensation, Tesla made 45 cents per share, falling short of analyst estimates of 49 cents, according to FactSet. The company also appears to be counting on a vehicle built to be a fully autonomous robotaxi as the catalyst for future earnings growth. CEO Elon Musk has said the robotaxi will be unveiled on Aug. 8.
The company also repeated that vehicle sales growth “may be notably lower” this year than last as it works on the launch of its next generation vehicle. In a note to investors Monday, Bank of America Global Research analyst John Murphy wrote that Tesla’s shares have been under pressure since the start of the year due to weaker EV sales, and production that exceeds demand.
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