Tesla shares dropped more than 12% in Wednesday trading after Elon Musk’s electric car maker reported its second straight quarterly loss and confirmed that a hotly anticipated robotaxi launch will be pushed back by two months to October. NY Post reporter Ariel Zilber shares this story. The Austin, Texas-based company said its quarterly auto revenue tumbled 7% to $19.9 billion as it faces rising competition.Tesla also reported its lowest profit margin in more than five years after slashing prices in hopes of reviving sagging demand. “There were quite a few competitor vehicles hitting the market, which haven’t done very well, but they have discounted these vehicles very heavily,” Musk said on a conference call with analysts. Margins fell despite Tesla’s laying off 14% of its global workforce this year — equal to more than 19,000 jobs. The company also saw an exodus of top executives after Musk gutted the team in charge of Tesla’s Supercharger unit. Read more at https://nypost.com/2024/07/24/business/tesla-stock-falls-8-as-growing-competition-squeezes-profits/ #tesla #elonmusk #stock #business The New York Post is your source for breaking news, news about New York, sports, business, entertainment, opinion, real estate, culture, fashion, and more. Subscribe to New York Post Sports: https://www.youtube.com/c/nypostsports Catch the latest news here: https://nypost.com/ Follow The New York Post on: Twitter - https://twitter.com/nypost Facebook - https://www.facebook.com/NYPost

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