Tesla's profit margin is getting hammered by EV discounts and hefty AI spending
Publishing timestamp: 2024-07-24 00:58:08
Summary
Tesla's adjusted operating margin shrank to its lowest in three years in the second quarter, leading to a drop in profit and stock price. The company is facing challenges in declining auto sales, increasing expenses, and competition in the EV market. Despite this, Tesla is investing heavily in autonomous driving technology and robotics, with CEO Elon Musk making ambitious promises about the company's future.
Sentiment: MIXED
Keywords: business, climate, technology, tesla inc, earnings, nvidia corp, social media, alphabet inc, elon musk, business news, breaking news: technology, autos,