Tesla profit plunges in latest quarter
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The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.
The CEO is already eyeing expansion for his Tesla Diner dishing merchandise and food served by Optimus robots.
1don MSN
Elon Musk's Tesla Diner, a classic diner and EV charging station all in one, opened Monday in West Hollywood, California.
Some people waited up to two hours in the baking hot sun only to be greeted with sub-par food and “chaotic” service.
The Tesla diner and drive-in had a surprise opening on Monday, serving a mix of milkshakes and charging stations
Tesla's earnings are due today with an investor call at 5:30 p.m. ET. Elon Musk's politics have rocked TSLA stock, with shares down 18% YTD.
Analysts estimate that the company earned $1.2 billion from April to June, according to Bloomberg, down from $1.4 billion a year ago. Sales are expected to have fallen to $22.6 billion from $25.5 billion in the second quarter of 2024. Tesla has not reported an increase in quarterly profit since the third quarter of 2024.