
-
Greenland PM visits Denmark as Trump threats loom
-
Philippines, US test air defences as China seizes reef
-
25 killed, fires still burning in huge Iran port blast
-
India and Pakistan troops exchange fire in Kashmir
-
Eighteen killed, fires still burning in huge Iran port blast
-
No handshake at muted India-Pakistan border ceremony
-
Maligned by Trump, White House reporters hold subdued annual gala
-
Austria trials DNA testing to uncover honey fraud
-
Trump trade war pushes firms to consider stockpiling
-
D'Backs' Suarez becomes 19th MLB player to hit four homers in one game
-
Continuity or rupture: what direction for the next pope?
-
Surridge scores four as Nashville smash seven past Chicago
-
Chinese tea hub branches into coffee as tastes change
-
Diplomacy likely to trump geography in choice of new pope
-
All eyes turn to conclave after Pope Francis's funeral
-
Doves, deaths and rations: Papal elections over time
-
Progressive Canadians say social issues blown off election agenda
-
Liverpool primed for Premier League title party
-
Buenos Aires bids farewell to Francis with tears, calls to action
-
Thunder sweep past Grizzlies in NBA playoffs, Cavs on brink
-
Major blast at Iran port kills 14, injures 750
-
'What we live for': Kounde after winning Barca Copa del Rey final
-
More McIlroy magic at PGA pairs event but Novak and Griffin lead
-
Fire rages after major blast at Iran port kills 14, injures 750
-
Denkey wonder-strike keeps Cincinnati on track in MLS
-
Barca edge Real Madrid in extra-time to win wild Copa del Rey final
-
'Legendary' Eubank Jr beats Benn in grudge bout
-
Thunder sweep past Grizzlies into NBA playoffs 2nd round, Cavs on brink
-
South Korea's Ryu and Japan's Saigo share LPGA Chevron lead
-
Canada leaders make closing pitches in campaign upended by Trump
-
De Bruyne's Man City exit 'so difficult' for Guardiola
-
'No regrets' for Amorim over Man Utd move
-
Lyon and Strasbourg win to close in on Europe, Montpellier relegated from Ligue 1
-
Toulouse thrash Castres as Top 14 pursuers stumble
-
Djokovic crashes to nervous Arnaldi in Madrid opener, Swiatek advances
-
Olympic champs Russell, Davis-Woodhall win at Drake Relays
-
Browns end Sanders long draft slide
-
Cavs crush Heat, on brink of NBA playoff sweep
-
Fire rages after major blast at Iran port kills 8, injures hundreds
-
Kiwi Beamish wins Penn Relays 1,500m crown with late kick
-
Mbappe on Real Madrid bench for Clasico Copa del Rey final
-
England survive France fightback to seal Women's 6 Nations slam
-
Palace sweep past Villa to reach FA Cup final
-
CAF appoint Moroccan Lekjaa first vice-president
-
Major blast at Iran port kills 5, injures hundreds
-
Rodgers vows to stay with Celtic after fourth successive Scottish title
-
Ipswich relegated as Newcastle, Chelsea boost top five bids
-
Canada leaders make final pitches in campaign upended by Trump
-
Mullins -- Ireland's national training treasure
-
US, Iran say progress in 'positive' nuclear talks

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