Elon Musk, CEO of Tesla.
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The company has been forced to cut prices globally and offer discounts and incentives amid slowing sales and increasing competition, especially in China – one of its key markets.
Tesla’s stock is down about 1% so far this year, while the S&P 500 is up more than 16%.
Tesla remains the top-selling electric car company in the United States by a wide margin, but it is losing market share to a growing number of rivals driven by its aging lineup of sedans and SUVs and the influence of Musk’s company. burner And political commentary.
There has been a battle between bulls and bears on the stock, with some believing the core auto business is under pressure, while others remain optimistic about the future Musk has promised around autonomous driving, artificial intelligence and robotaxi.
The market has been focused on a number of other areas of the Tesla story, including when the company will launch a new mass-market car to revitalize its lineup. Musk said on an earnings call Tuesday that Tesla is on track to introduce a new “affordable” car in the first half of next year.
Robotic taxis were a major focus of the earnings call. Musk envisions a world where car owners can license their Teslas to use as part of an Uber-like ride-hailing service — and where the cars drive themselves.
Asked when he expected to launch the first robotaxi flight, Musk said: “I would be shocked if we couldn’t do it next year.”
Musk has a history of promising things on a certain timeline and not delivering. On Tuesday, he pushed back the company’s robotaxi event to October, after previously saying it would be held in August.
“That’s because I wanted to make some significant changes that I think will improve the car,” Musk said, adding that Tesla “will introduce a few more things.”
Musk did not specify what these elements are.
— CNBC’s Laura Kolodny contributed to this report.
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