Tesla’s profitability at its cars division falls to 5-year low, is its auto business rusting away?
Tesla’s profits from its car division fell in the fourth quarter as the company had to sell off excess inventory at discounted prices, as per a report. This was the lowest level in five years.
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The company also failed to reiterate guidance for 20% to 30% vehicle sales growth this year, reported Fortune.
Stocks rise on hope
Tesla’s stocks have still gone up due to Elon Musk’s big bets on AI and robotics.
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While the car business is in trouble, Musk focused on plans for the robotaxi service that would roll out across much of the US this year and the development of the Optimus robot, as per the report. He said the Optimus robot could hit 10,000 units this year and then grow fivefold in size every year to eventually reach 100 million units.
Gloomy road ahead
Tesla CFO Vaibhav Taneja warned that profitability would take another hit starting in February, as production of the updated Model Y crossover, nicknamed Juniper, will start across factories on three different continents at the same time, reported Fortune.
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