this post was submitted on 09 May 2025
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Things at Tesla are worse than they appear (edition.cnn.com)
submitted 22 hours ago by technocrit@lemmy.dbzer0.com to c/technology@lemmy.world
35 comments fedilink hide all child comments
 

Things are undoubtedly bad at Tesla. Its sales are dwindling. Its profits are plunging, as is its share price. There are regular protests outside its showrooms. The Cybertruck is a flop. And somehow, it’s actually a lot worse than that.

The 71% drop in net income it just reported may have been overshadowed by CEO Elon Musk’s announcement that he would be stepping back from his controversial duties at the Department of Government Efficiency (DOGE). But that drop is just one indication of serious financial sickness at the EV maker, problems brought on by falling sales for the first time in its history and falling prices for electric vehicles.

The bottom line problem at Tesla is its vanishing bottom line. A deeper look at its first quarter report shows it’s now losing money on what should be its ostensible reason for existence – selling cars.

It was only able to post a $409 million profit in the quarter thanks to the sale of $595 million worth of regulatory credits to other automakers.

But if the Trump administration gets its way, the company can kiss those regulatory credits keeping it in the black goodbye, too.

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[–] GnuLinuxDude@lemmy.ml 12 points 21 hours ago (1 children)

It also wants to end the right of California and eight other states to demand tougher emissions regulations than the federal standards that would ban the sale of gasoline-powered vehicles by 2035. Without tough emissions rules at the federal and state level, there would be no regulatory credit sales.

The sale of those federal and state credits has been quite lucrative for Tesla, bringing in $8.4 billion in revenue since the start of 2021 alone, money that basically went straight to its bottom line.

Is this the greenwashing scam companies use to pretend that they are working toward a carbon-neutral production line? They're just speculating on future production and selling today's emissions to today's buyers on tomorrow's promise?

How fucked.

[–] bitwolf@sh.itjust.works 1 points 17 hours ago

What happened to moving the choice to the states?