Tesla’s stock drops 12pc as margins hit five-year low as Musk’s focus on AI and robotics falls flat

SAN FRANCISCO, July 25 — Tesla shares tumbled 12 per cent yesterday, evaporating almost US$100 billion (RM467 billion) in stock market value after CEO Elon Musk’s talk of...

Tesla shares tumbled 12 per cent yesterday, evaporating almost US$100 billion in stock market value after CEO Elon Musk ’s talk of humanoid robots and driverless taxis failed to comfort investors worried about the electric car maker’s shrinking profit margins.

Still the world’s most valuable car maker, Tesla’s valuation relies on investor expectations of big future profits driven by yet-to-launch products such as its promised robotaxis and robots. Google parent Alphabet’s stock fell almost 5 per cent, and the losses in its shares and Tesla’s sent Wall Street into a deep sell-off as investors worried about pricey valuations.

The company said the cheaper models it expects to bring out in the first half of 2025 would result in less cost reduction than previously expected, while delaying a widely awaited event for its robotaxi to October.

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