At the opening of US stocks on the evening of July 24, Beijing time, Tesla’s stock price fell 8.9% , the largest single-day decline since June 5, with its market value evaporated by about US$95.661 billion (approximately RMB 684.317 billion).
According to CCTV News, on July 24 local time, US President Trump posted on his social platform “Real Social” that everyone is saying that he wants to cancel some of the huge subsidies Musk received from the US government, thereby destroying his company, but this is not the case. Trump said he hopes Musk and all businesses in the United States will flourish.
Previously, Tesla (TSLA) delivered its worst quarterly report in recent years, with the company’s second-quarter revenue plummeting 12% year-on-year to $22.5 billion, the biggest drop in at least a decade. On July 23 local time, CEO Elon Musk admitted in a financial call that due to the sudden change in the EV tax credit policy and the impact of tariffs, the company may experience “difficult quarters in Q4, Q1 and even Q2.”
According to the financial report, Tesla achieved revenue of US$22.496 billion in the second quarter, down 12% year-on-year, lower than Wall Street’s expected US$22.6 billion; net profit in the second quarter was US$1.172 billion, down 20.7% year-on-year , higher than Wall Street’s expected US$1.135 billion. The gross profit margin in the second quarter was 17.2%, compared with 18% in the same period last year, and the market expects to be 16.5%.
Tesla said its decline in revenue and profitability was mainly due to decline in sales and a decrease in carbon credit revenue. It is reported that Tesla’s revenue from other automakers that pay carbon points was US$439 million, a decrease of more than 50% from US$890 million in the same period last year.
On July 23 local time, Tesla CEO Elon Musk admitted in a financial call that due to the sudden change in the EV tax credit policy and the impact of tariffs, the company may experience “difficult quarters in Q4, Q1 and even Q2.”
Musk called on investors to turn their attention to Tesla’s autonomous driving and robotics business. In June, Tesla launched a Robotaxi pilot at its Austin headquarters, but it is currently only limited to invited users, with fares of $6.90 per time, an increase from $4.20 a few weeks ago.
Tesla reiterated on Wednesday: “We will continue to improve and expand this service (more vehicles, larger areas, and ultimately cancel safety officers) and conduct testing in other U.S. cities to prepare for further promotion in the future.”
