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Automotive Giants Tesla and GM Navigate Challenges Amid ...
2024-07-24 19:55:08
Automotive
Business

Automotive Giants Tesla and GM Navigate Challenges Amid Industry Shifts

Tesla misses Wall Street targets due to price cuts and increased spending, with plans for new models; China-made EV sales dip as regulatory credits spike and Cybertruck production progresses. Meanwhile, GM shifts focus from Cruise Origin to Chevrolet Bolt EUVs, facing autonomous vehicle hurdles.

Cruise's CEO change and regulatory investigations add to industry-wide challenges. Tesla's profit decline, led by global EV sales drop and restructuring costs, contrasts with energy business growth.

Elon Musk's strategic delays and diverging visions shape Tesla's future, while GM aims for Cruise revenue goals amid regulatory risks.

Related news on that topic:

GM's Mixed Quarter: Profit Growth, EV Challenges, and Cruise's ... Shift

General Motors (GM) outperformed in Q2, raising profit forecasts despite challenges. The Cruise division pivots from the Origin to the Bolt EV due to regulatory and cost issues. A $500M US grant for an EV plant contrasts with a lowered 2024 EV target. GM faces a cyberattack, China losses, and investor scrutiny. Transition to EVs slows, with plug-in hybrids planned for 2027. Gas-powered trucks drive profits while CEO Barra maintains an EV focus. Competitor Ford benefits from hybrid sales as GM navigates uncertainties. GM's stock fluctuates as concerns linger over meeting EV production goals. Cruise's strategic move involves scrapping the Origin robotaxi for the Chevrolet Bolt and appointing new leadership for safety. Ford hints at expanding energy options beyond internal combustion engines for future models.

Tesla's Profits Fall as Price Cuts and Incentives Take a Toll

Tesla's automotive gross margin fell, missing estimates, as it cut prices and increased AI spending. The company plans new affordable models by 2025 but expects less cost reduction. Tesla's regulatory credit sales nearly tripled, and Cybertruck production remains on track. China-made EV sales slumped, while Robotaxi deployment depends on technological and regulatory progress. Tesla incurred $350 million in employee termination expenses, while GM's Cruise delayed its Origin self-driving vehicle. Tesla's shares surged after shareholders approved Musk's $56 billion pay package, but Musk delayed the robotaxi announcement to October. Tesla's earnings fell 43% in the second quarter of 2024, and its profit sank sharply due to weak electric vehicle sales. General Motors is scaling back its Cruise Origin autonomous vehicle and focusing on cost reduction and regulatory hurdles. Elon Musk's endorsement of Trump has affected Tesla's favorability among Democrats and Republicans. Tesla's aging cars are not selling well, prompting promises about AI and new models. Tesla plans to use humanoid robots in its production by 2025.

Read 5 more recent news on this topic

The press radar on this topic:

The Street
25. Juli 2024 um 18:06

General Motors is scaling back its Google-rivaling AI product TheStreet Daily Newsletter

Technology
Economy
GM is scaling back its Cruise Origin autonomous vehicle, co-developed with Honda, instead focusing on the next-gen Chevrolet Bolt EUVs to reduce costs and regulatory hurdles, as per CEO Mary Barra. Cruise's CEO Kyle Vogt resigned, with Marc Whitten hired as his successor. Cruise and rival Waymo face public and regulatory scrutiny over autonomous vehicle safety issues, including a vandalism incident in San Francisco during Lunar New Year festivities and an NHTSA investigation. Cruise had its pe..
The Street
30. Juli 2024 um 19:47

Tesla will start using humanoid robots in 2025 TheStreet Daily Newsletter

Technology
Tesla's Optimus robots for 2025 production; Initial price under $20,000; Musk merging Tesla and xAI; Honda, Boston Dynamics also developing humanoids; Existing home sales down, Spotify profits up; Ford, Chipotle, IBM report earnings Wednesday.
Yahoo News
23. Juli 2024 um 20:06

Tesla misses Wall Street targets as price cuts, incentives weigh

Economy
Technology
Tesla's automotive gross margin fell, missing estimates, as it cut prices and increased AI spending. The company plans new affordable models by 2025 but expects less cost reduction. Tesla's regulatory credit sales nearly tripled, and Cybertruck production remains on track. China-made EV sales slumped, while Robotaxi deployment depends on technological and regulatory progress. Tesla incurred $350 million in employee termination expenses, while GM's Cruise delayed its Origin self-driving vehicle...
New York Times - Business
24. Juli 2024 um 12:36

Why Tesla Is Still Struggling

Economy
Technology
Finance
Elon Musk endorses Donald Trump; Tesla's profit plunges 45%; Musk delays driverless taxi event; Tesla faces consumer demand issues; Tesla engages in price war
CW

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