Tesla’s profits fell for the third consecutive quarter.
The company still hasn’t released a lineup of newer, cheaper EVs to compete with the discount models offered by its competitors, especially China’s BYD, for markets outside the US. Sales of its much-maligned Cybertruck flopped 50% compared with last year. And the road ahead will likely remain bumpy: CEO Elon Musk said the cuts to EV tax credits signed by Trump this month will lead to a “rough few quarters” before revenue from other sources, including long-awaited self-driving taxis and related software, starts to come in. Musk’s forays into right-wing politics in the US and Europe also lost the company support among prospective EV buyers, analysts said.
Meanwhile General Motors, one of Tesla’s chief EV rivals in the US, saw a boost in EV sales for the quarter — but its overall profit fell by more than $1 billion because of the Trump administration’s tariffs.
