Moment of Truth for Tesla & Elon Musk скачать в хорошем качестве

Moment of Truth for Tesla & Elon Musk

Dan Ives, Global Head: Technology at Wedbush Securities, breaks down Tesla earnings. CEO Elon Musk says he will devote more time to Tesla starting next month, scaling back his work with the US government, which has been a concern for investors. Tesla's stock jumped 7% despite missing analysts' estimates for revenue and earnings, with the company citing weakness in its core automotive business and tariff headwinds. He speaks with Bloomberg's Tom Keene and Paul Sweeney. Elon Musk vowed to pull back “significantly” from his work with the US government and pay more mind to Tesla Inc., assuaging investors concerned about the carmaker’s worst quarter in years. The chief executive officer will devote “far more” of his time to Tesla starting next month, saying during an earnings call Tuesday that his work establishing the so-called Department of Government Efficiency will be “mostly done.” Investors and analysts have increasingly called for Musk to refocus on the electric-car company, which is struggling under the weight of slumping sales and rising costs from President Donald Trump’s trade war. Protests have sprung up in recent months in a consumer backlash against Musk’s government work. “At Tesla, we’ve gone through many a crisis over the years,” Musk said. “This is not one of those times. We’re not on the ragged edge of death, not even close.” Tesla’s stock climbed 3.8% at 9:36 a.m. Wednesday, despite first-quarter results that underscored weakness in the company’s core automotive business and tariff headwinds for its expanding energy operations. The carmaker missed analysts’ estimates for both revenue and earnings, and management backed away from earlier predictions that vehicle sales will return to growth this year. Wall Street has soured on Musk’s political activities, which have alienated core customers and done serious damage to Tesla’s brand. The CEO’s fortune shrunk by $116 billion in the first quarter, his biggest quarterly drop on record, according to the Bloomberg Billionaires Index. Brian Mulberry, a client portfolio manager at Zacks Investment Management, said it’s “certainly welcome news to hear that Elon will be back in his normal role as CEO of his companies soon.” Tesla cautioned that while it’s making investments to position its vehicle business for growth, its prospects depend on factors including the broader macroeconomic environment. The company will revisit its outlook for volume when reporting second-quarter results. The plan for capital expenditures this year was also pared, with the automaker warning that changes in trade policies may set back its timelines for unspecified projects. Musk said several times on the call that he’s pushed for lower tariffs, acknowledging differences with Trump on the topic. The president’s moves to hike duties on imported goods have spooked investors and raised concerns of higher prices for US consumers. Musk said he’ll likely continue to work with Trump’s administration for the remainder of the president’s term, albeit on a more limited basis. He’s poised to hit the 130-day limit for his role as a special government employee as early as next month. Trump’s tariffs have compounded Tesla’s challenges, even though all the vehicles it sells in the US are assembled domestically. Duties on auto parts shipped in from Canada and Mexico are slated to take effect next month and will hit the company’s profitability. Musk told analysts that Tesla has been working on localizing its supply chains to help ease logistics and minimize risks of higher costs. “We are, I think, the least affected car company with respect to tariffs,” he said. “That puts us in a stronger position than any of our competitors.” -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts:    / bloombergpodcasts   Bloomberg Television:    / @markets   Bloomberg Originals:    / bloomberg   Quicktake:    / @bloomberg-news