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- England target repeat of Pakistan Test whitewash
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- Weary Sinner happy for day off after battling into Shanghai last 16
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- Trump rallies at site of failed assassination: 'Never quit'
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- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
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- Spinners come to party as England defeat Bangladesh at T20 World Cup
Tesla profits tumble but shares rise on new vehicle plan
Tesla reported a big drop in quarterly profits Tuesday, pointing to elevated pressure on the electric vehicle market that has led to deep cost-cutting.
But shares of Elon Musk's EV company rallied after Tesla signaled pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for.
Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent.
The results, which lagged analyst estimates, come as investors have sought greater strategic clarity from Musk amid a weaker performance and as the mercurial Tesla boss has touted Robotaxis as a venture at a time when there is rising skepticism about autonomous technology.
The company, which recently announced job cuts, has also undertaken a recall of its Cybertruck due to an acceleration problem.
Tesla is committed to "company-wide cost reduction" as part of an effort to achieve "profitable growth," it said.
In spite of the belt-tightening implied in those statements, Tesla's report did provide some news likely to cheer investors, saying it planned to "accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025."
The new vehicles will include "more affordable models," Tesla said.
The statement comes on the heels of speculation that Tesla is shelving plans for the "Model 2," the unofficial name of what is expected to be a mass-marketed, lower-priced vehicle.
While Tesla's statements about new vehicles boosted shares, "the company still hasn't offered timelines for these new vehicles, which could take years to come to market at a time when EV competition in various markets is intensifying," said Gadjo Sevilla, senior technology analyst at Emarketer.
Shares of Tesla rose 7.7 percent in after-hours trading.
- Robotaxis? -
Tesla also said Tuesday it will continue to pursue a "revolutionary" manufacturing strategy on a "purpose-built robotaxi product."
Sevilla warned against the venture, saying "entering the emerging autonomous robotaxi segment at a time when it has been under scrutiny for safety could be another misstep for Tesla, especially considering it has had its share of safety concerns and investigations."
Heading into 2024, Tesla watchers were already girding for a tougher path, with Musk's once-dominant leadership in EVs facing more competition from rivals, resulting in a series of price cuts.
But things have been bumpier than expected.
After disclosing on April 2 a disappointing 8.5 percent drop in first-quarter deliveries, Tesla last week announced plans to lay off more than 10 percent of its staff.
That news was quickly followed by Tesla's plan to revive a $56 billion compensation package for Musk after a court struck it down.
Then, late last week, Tesla announced a recall of its Cybertruck due to an acceleration problem.
G.Stevens--AMWN