Quote:NEW YORK (AP) — Tesla shares sank Thursday after CEO Elon Musk said the company could face a “few rough quarters” as it transitions to a future focused less on selling cars and more on offering people rides in self-driving cars.
Late Wednesday, the electric vehicle maker reported another quarter of lackluster financial results, with revenue dropping 12% and profit falling 16%. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China.
Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers after recent changes to federal tax law. President Donald Trump’s tariffs on countries including China and Mexico will also cost Tesla hundreds of millions of dollars, the company said on its earnings call.
https://apnews.com/article/tesla-musk-st...8a39bfa226
