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Elon Musk Revives Investor Hopes with Tesla Robotaxi

Musk urged investors to look beyond, with the developing of artificial intelligence software for self-driving vehicles
April 24, 2024

Tesla's first-quarter earnings report on Tuesday painted a dismal picture. The company missed estimates on both the top and bottom lines. With revenue dropping by 9% year over year and auto sales plummeting 13% from the same period in 2023, it was Tesla's worst performance since 2012. Free cash flow even turned negative.

Despite these disappointing results, CEO Elon Musk urged investors to look beyond the quarterly financials and the recent massive restructuring announcement.

Musk reiterated his vision of Tesla as a company dedicated to building artificial intelligence software to transform existing cars into self-driving vehicles, creating dedicated robotaxis that will generate income for their owners, and establishing a driverless transportation network.

This is the Tesla Musk is pitching to Wall Street, and he's made it clear that anyone with doubts should steer clear.

Following the earnings report, Tesla shares surged 13% in extended trading. Musk's forward-looking statements during the earnings call, particularly regarding Tesla's plans to start production of new affordable electric vehicle models by early 2025, if not late this year, fueled optimism.

During the call, Musk also revealed more about Tesla's future plans. He casually mentioned the company's robotaxi, named the CyberCab, and shared a preview of ride-hailing in the Tesla app.

However, Musk's enthusiasm for Tesla's future projects has raised skepticism among investors and analysts. Over the years, Musk has made ambitious promises about Tesla's advancements, particularly in the field of autonomous vehicles, but has often failed to deliver on those promises.

Despite this, Musk remains resolute, asserting that Tesla will solve autonomy, even if he were to disappear. However, he emphasized the crucial role he plays in achieving Tesla's most ambitious goals, stating, "Tesla needs me."

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