Tesla’s quarterly deliveries miss expectations despite 6% rise
- by The New Zealand Herald
- Oct 02, 2024
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2 Oct, 2024 05:41 PM
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Mercedes-Benz and Porsche have also recently warned of lower-than-expected profits as sales of luxury cars in China have been hit by sluggish consumer spending.
Barclays analyst Dan Levy said in a note that the miss in Tesla deliveries appeared to have been led by weakness in its premium Model S and X vehicles. The Cybertruck, an off-roader that was launched last year, and which has suffered from manufacturing issues and faulty part recalls, also affected the numbers.
The rising expectations for higher deliveries had also come as Tesla prepared to unveil its first “robotaxis” – a fleet of self-driving taxis – next week in an event Elon Musk described as “one for the history books”.
Musk has made a radical strategic pivot towards autonomous driving, artificial intelligence and robotics, telling investors that these technologies would be Tesla’s main revenue sources and drive up its valuation.
But there are concerns over how and when the company will monetise its autonomous taxis with uncertainties around the technology itself, insurance coverage, vehicle cost as well as the regulatory environment.
Tom Narayan, an analyst at RBC Capital Markets, said the focus was now on the new opportunities for Tesla from the “robotaxi” and its self-driving software, known as full-self driving, or FSD.
“I don’t see robotaxis being ubiquitous for several years, if not maybe even decades,” Narayan said. “But the reason why it’s so exciting is ... when it happens, it has the potential to dramatically increase the size of the auto industry.”
Written by: Kana Inagaki in London, Stephen Morris in San Francisco and Gloria Li in Hong Kong
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