Elon Musk’s Tesla posted weaker than anticipated financial results, noting a rare decline in electric vehicle deliveries and a shortfall in sales and earnings compared to analyst expectations.
Forbes reports that Tesla’s financial performance in the recent quarter didn’t meet the industry’s expectations. The electric vehicle titan, led by Elon Musk, grappled with slowing growth, registering sales of $23.4 billion, which fell below the consensus analyst forecasts of roughly $24.2 billion. The earnings per share also stumbled, coming in at $0.66 per share, contrary to the estimated $0.72 per share.
The company’s vehicle deliveries also faced a downturn. Tesla reported delivering 435,059 vehicles during the period, marking it as the second-highest total ever, but it was a step down from the previous quarter and didn’t meet analyst expectations.
The financial turbulence didn’t end there. Tesla’s operating income for the last quarter was reported at $1.8 billion, witnessing a sharp 52 percent decline year-over-year. This number is especially concerning because the company benefited from an unexpected surge in automotive regulatory credits, which are essentially all-profit payments that Tesla receives from gasoline-powered car manufacturers. Despite the gravy train coming in from credits, Musk’s company failed to grow its bottom line. These credits, which have historically been vital to Tesla’s profitability, brought in $554 million last quarter, almost double the amount from the previous year.
Shares of Tesla have fallen by more than nine percent today in morning trading.
Breitbart News recently reported on a scammer who tricked Tesla into giving him five free cars, although now he will be paying for them with hard time in prison:
Gonzalez’s fraudulent activities did not stop at merely acquiring the vehicles. He resold three of them, deceiving the Vermont Department of Motor Vehicles into providing titles for the cars, which he then passed on to unsuspecting buyers. His actions underscore a glaring vulnerability in digital purchasing systems, particularly for high-value items like vehicles, where the verification of payment details is crucial to prevent such fraudulent activities.
In a particularly brazen act, when Tesla failed to provide a certificate of ownership for one of the cars, preventing him from obtaining a title, Gonzalez took the vehicle to the frozen surface of Lake Champlain, set it ablaze, and attempted to claim the loss with his insurance company. This act of insurance fraud was what ultimately raised red flags and brought his scam to light.
Read more at Forbes here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.