Tesla profits fall 71%
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In these times we need all the good news we can get:
Tesla’s net income slid 71% in the first quarter, as the company struggled to overcome competitive pressure overseas and a reputational hit from Chief Executive Elon Musk’s polarizing role in the Trump administration.
The company also reported adjusted earnings-per-share of 27 cents, which missed analysts’ expectations of 41 cents.
Tesla revenue fell in the first quarter after a steep decline in automotive sales, including double-digit percentage drops in crucial markets including the U.S., China and Germany.
The electric-vehicle maker reported $19.3 billion in revenue for the quarter, down 9% compared with the same period last year. Revenue from the company’s automotive business fell 20%. The energy business grew 67%.
They are, however, still being propped up by revenue streams that shouldn’t exist:
Tesla also reported $595 million in revenue from other automakers who pay Tesla for carbon credits to offset their sale of conventional vehicles, up sharply from a year earlier.
Leaving aside the fact that that this carbon credit system is helping someone dismantling the American state, it should be eliminated because it’s a terrible system that doesn’t actually protect the environment. If the EU wants to be serious about stepping up for liberal democracy eliminating these credits should be an obvious move. If companies want credits they should only be able to get them by actually building electric cars.