London Mail
  • Home
  • World
  • News
  • Opinion
  • Business
  • Tech
  • Science
  • Sports
  • Lifestyle
  • Health
  • Motering/Cars
  • More
    • Entertainment
    • Travel
    • Crypto
    • Food
    • Home Improvment
      • Real Estate
    • Press Release
No Result
View All Result
  • Home
  • World
  • News
  • Opinion
  • Business
  • Tech
  • Science
  • Sports
  • Lifestyle
  • Health
  • Motering/Cars
  • More
    • Entertainment
    • Travel
    • Crypto
    • Food
    • Home Improvment
      • Real Estate
    • Press Release
No Result
View All Result
London Mail
No Result
View All Result
Home Business

Tesla reports 45pc profits slump

by London Mail
July 23, 2024
in Business
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

Tesla has reported a second consecutive drop in quarterly profits as the world’s biggest electric car maker cut prices in an attempt to boost falling demand.

Elon Musk’s company said profits fell by 45pc in the second quarter of the year to $1.5bn (£1.2bn). It came despite revenues rising slightly, to $25.5bn.

The company’s shares fell 4pc after the results as it said it continues to expect “notably lower” growth this year.

Tesla, the world’s most valuable car manufacturer, has reduced prices and resorted to cheap financing in an attempt to maintain sales of its vehicles amid a wider slump in electric car demand.

Its car sales have fallen for the last two quarters, the first back-to-back sales decline for more than a decade.

“We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on range, charging and service are debunked,” the company said.

Investors have warmed to the company in recent weeks after Mr Musk promised to speed up development of its new lower-cost vehicle and with sales declines less severe than feared.

Mr Musk has also invested heavily in artificial intelligence, touting improvements in the company’s self-driving software and promising that Tesla’s “Optimus” humanoid robots will be a feature in its factories as soon as next year.

The company said on Tuesday night that the Optimus robot was performing its first tasks, handling batteries in one of its facilities.

Tesla was due to unveil a fully autonomous “robotaxi” at an event in August but Mr Musk recently confirmed that the event had been delayed, saying he wanted to make changes to the car’s design.

Mr Musk, the world’s richest man, recently endorsed Donald Trump ahead of November’s US election, which has raised concerns that the left-leaning voters that have typically bought electric cars may boycott Tesla vehicles.

Meanwhile, Alphabet, Google’s parent company, revealed record profits amid continuing strength in its dominant digital advertising business.

Alphabet recorded a $23.6bn profit, up 29pc, as the search giant’s online advertising dominance continued. Quarterly revenues rose 14pc to $85bn.

It came after Google U-turned on controversial privacy changes that had led to warnings of a catastrophic drop in revenues at news websites.

The web giant said it was dropping a plan to block third-party cookies in its Chrome browser, more than four years after first unveiling the proposals.

Website publishers had warned that the changes would block them from selling targeted adverts, leading to huge declines in sales and threatening smaller sites.

Read the latest updates below.

Source link

Related Posts

Buy now, pay later consumer protections proposed by Financial Conduct Authority
Business

Buy now, pay later consumer protections proposed by Financial Conduct Authority

July 18, 2025
Reeves hails ‘instant impact’ for aspiring homeowners with new mortgage reforms
Business

Reeves hails ‘instant impact’ for aspiring homeowners with new mortgage reforms

July 15, 2025
Bank of England will monitor cash acceptance on ongoing basis
Business

Bank of England will monitor cash acceptance on ongoing basis

July 12, 2025
Next Post
Wedding cruise is plunged into terror after pleasure boat struck rocks while newlywed couple and 82 guests celebrated their nuptials

Wedding cruise is plunged into terror after pleasure boat struck rocks while newlywed couple and 82 guests celebrated their nuptials

Inside the world’s second-biggest cruise ship – the brand-new £1BILLION Utopia of the Seas, which features five pools, the longest dry slide at sea… and an onboard TRAIN

Inside the world's second-biggest cruise ship - the brand-new £1BILLION Utopia of the Seas, which features five pools, the longest dry slide at sea… and an onboard TRAIN

Tragic baby is born with four legs, four arms and two faces – in one-of-a-kind phenomenon

Tragic baby is born with four legs, four arms and two faces - in one-of-a-kind phenomenon

Recommended

UK’s Campervan Culture – Used, Self-Built, or Motorhome?

UK’s Campervan Culture – Used, Self-Built, or Motorhome?

2 years ago
Coaches’ suspected child abuse must be reported

Coaches’ suspected child abuse must be reported

9 months ago
I’m a female solo traveller… and this is how travelling alone around the world changed my life

I’m a female solo traveller… and this is how travelling alone around the world changed my life

5 months ago
BBC must stop overlooking female athletes and put women at front and centre of Spoty ceremony

BBC must stop overlooking female athletes and put women at front and centre of Spoty ceremony

9 months ago

Categories

  • Business
  • Crypto
  • Entertainment
  • Food
  • Health
  • Home Improvment
  • Lifestyle
  • Motering/Cars
  • News
  • Opinion
  • Press Release
  • Real Estate
  • Science
  • Sports
  • Tech
  • Travel
  • World
No Result
View All Result

Highlights

Meet Hally Leadbetter: Golf partner to A-list stars who just beat the Kelce brothers and wants to shake up the sport

Mary Berry’s ‘family favourite’ recipe is sticky honey chicken – how to make it

Joe Rogan’s reign as king of the podcasts is finally over

Best sofas for 2025, according to interior experts

Oasis gigs prompt council to ‘take action’ | Music | Entertainment

New trial hopes that millions with dangerous food allergy no longer have to fear eating out

London Mail

London Mail | Stay Informed, Stay Inspired ©2025, All rights Reserved

Navigate Site

  • Home
  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • Home
  • Tech
  • News
  • Business
  • Science
  • Health
  • Sports
  • Lifestyle
  • Travel
  • Opinion

London Mail | Stay Informed, Stay Inspired ©2025, All rights Reserved