New Delhi: Elon Musk on Wednesday said it is time to “reorganise” Tesla as the electric car company registered $1.1 billion in net income and $21 billion in revenue, down 9 per cent from $23.3 billion from the year-ago period.
Tesla laid off over 10 per cent of its workforce this month and Musk said the move was necessary for the company’s “next phase of growth”.
“EV adoption rate globally is under pressure and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead,” Musk told analysts over the earnings call.
“We believe this is not the right strategy. And electric vehicles will ultimately dominate the market,” the billionaire added.
In the shareholder note, Tesla said it’s focused on leveraging its existing manufacturing footprint to introduce new and more affordable products.
The company said that it has “updated future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025”.
Musk said the company will showcase its purpose-built robotaxi or Cybercab in August.
“Regarding AI computing, over the past few months, we’ve been actively working on expanding Tesla’s core AI infrastructure. For a while there, we were training constrained in our progress,” he told analysts.
IANS
Sharp movements ahead, trade cautiously
New Delhi: The week went by and had four trading days with a mid-week holiday on May 1, thereby making it two periods of two days each. The volatility witnessed...
$100 billion worth chips needed for India’s $300 billion electronics production goal by FY26
New Delhi: As India aims to reach $300 billion electronics production by FY26, it will trigger demand for semiconductors worth $90-$100 billion, largely driven by domestic mobile manufacturing -- an...
Govt lifts ban on onion exports with price rider
New Delhi: The Government on Saturday lifted the ban on onion exports after about half a year, according to a notification from the Directorate General of Foreign Trade (DGFT). "The...
Over 80,000 tech employees lost jobs globally in first four months this year in 279 firms: Report
New Delhi: More than 80,000 employees in the technology sector have lost jobs in the first four months this year, and layoffs continue to haunt the overall startup ecosystem globally....
Sensex down 300 points on selling in heavyweights
New Delhi: BSE Sensex fell 300 points on Friday, amid selling in heavyweight stocks. BSE Sensex was trading at 74,310 points, down 300 points. Bharti Airtel is down more than...
10,000 London cabbies sue Uber for millions over taxi-booking rules
London: A group of more than 10,000 black cab drivers is suing Uber after accusing it of breaching taxi-booking rules in London, in a move which could cost the ride-hailing...
GST collections scale record high of Rs 2.1 lakh crore in April
New Delhi: The country's gross GST revenue collection for April this year soared to the highest ever level at Rs 2.10 lakh crore, Finance Minister Nirmala Sitharaman announced on Wednesday....
Govt cuts windfall tax on crude oil, ONGC, OIL India Ltd to gain
New Delhi: The Government has cut the windfall tax on crude oil to Rs 8,400 a metric ton from Rs 9,600 with effect from Wednesday as part of its fortnightly...
Elon Musk lays off entire Tesla charging network team
New Delhi: Elon Musk has disbanded Tesla's charging team in a new layoff round, a move which was unexpected and "surprising to everyone". The layoffs at Tesla's Supercharger network come...
Delhi HC restrains Ashneer Grover from creating third party rights in BharatPe shares
New Delhi: The Delhi High Court on Tuesday issued a restraining order against Ashneer Grover, the former Managing Director of BharatPe, preventing him from creating any third-party interests or rights...
Auto stocks lead Sensex gain of 300 points
New Delhi: Auto stocks including M&M and Tata Motors led the 300-point gain in the Sensex on Tuesday. M&M was up more than 3 per cent while Tata Motors and...
Will double India headcount annually for 3 years to expand footprint: Transcom India
New Delhi: Generative AI-driven customer experience services (CX) company, Transcom India, on Tuesday said it aims to double its current headcount of 700 annually for the next three years, taking...
