When Tesla unveiled its (TSLA) planned roadster in 2017, it rolled onstage in deep red with rock-and-roll blaring, CEO Elon Musk setting a target of 2020 for its availability. That didn't happen, but on Tuesday Musk said it could arrive next year.
It was a brutal Wednesday for stocks, as two of three of the major indexes headed toward their worst days in more than a year following the latest batch of corporate earnings, as the big technology stocks behind stocks' historic expansion led the gore.
Electric vehicle (EV) stocks are down this morning after Tesla's (NASDAQ: TSLA ) less-than-stellar earnings call yesterday. This includes Nio (NYSE: NIO ) stock, which is down more than 3% at the time of this writing.
All eyes remain on these dominant players as the group has begun to report their second-quarter earnings figures.
Tesla Inc TSLA's automotive gross margins are the headline takeaway from the electric automaker's second-quarter financial results for Street analysts.
Meta Platforms (META), Microsoft (MSFT), Amazon.com (AMZN), Apple (AAPL) and NVIDIA (NVDA) results are expected to benefit from strong AI proliferation.
Tesla Inc (NASDAQ:TSLA) shares tumbled more than 10% to about $220 on Wednesday morning after the electric vehicle maker's second quarter earnings report prompted a selloff of the stock. Notably, lower-than-expected profits and a 200 basis points auto gross margin miss spooked investors.
Tesla's energy business juiced revenue in the second quarter. Tesla's growth isn't happening in autos right now.
Tesla's $622 million restructuring charge impacted results. Revenue moved higher, but margins deteriorated.
Stocks are down on July 24 after weak earnings from Tesla (NASDAQ: TSLA ), Alphabet (NASDAQ: GOOG , NASDAQ: GOOGL ) and Visa (NYSE: V ), among other tech stocks. The S&P 500 is down 1.5% as of this writing while the tech-heavy Nasdaq Composite is down 2.1% as rotation out of tech and into bonds continues.
While Alphabet (GOOGL) is investing $5 billion in Waymo, General Motors' (GM) Cruise delays Origin production indefinitely and Tesla (TSLA) defers its robotaxi reveal from Aug 8 to Oct 10.