Tesla shares dropped 9% as auto sales fell 16% year-over-year, down to $16.7 billion in revenue. While that’s still a solid number, the slowdown is striking in a market that had been expanding rapidly. Hybrids are now stealing the spotlight, and Tesla’s EV dominance is facing new global competition, especially from cheaper Chinese EVs flooding markets in Europe and China.
Elon Musk has warned of "a few rough quarters" ahead, as the company prepares to launch a more affordable EV — described as a simpler version of the Model Y — by the end of the year. Meanwhile, Tesla is set to lose its EV tax credit later this year, adding more pressure to navigate an increasingly competitive landscape.
While costs are rising due to heavy investment in AI, this quarter was a big win for Alphabet.
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