Tesla's profit drops for 3rd straight quarter, rivals gain ground
Tesla just posted a 16% profit drop and a 12% revenue dip for Q2 2023—its third straight quarter of falling profits.
The main reason? Many buyers are steering clear, unhappy with Elon Musk's political stances, while rivals like BYD and Volkswagen are catching up fast.
Musk betting big on robotaxis
Revenue slipped from $25.5B to $22.5B, and those regulatory credit sales nearly halved too.
Still, Musk is upbeat—he's betting big on robotaxis in Austin (hoping to reach half the US by year-end if regulators say yes).
There's also talk of a cheaper Tesla coming in late 2023 and hopes for European approval of their Full Self-Driving tech soon.
Tesla's focus is shifting
Tesla isn't just about cars anymore—they're eyeing robotaxis and even humanoid robots over the next few years.
For anyone curious about where tech and transport are headed (and how public opinion can shake up even the biggest brands), this is one story to watch.