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.
Margins fell to 18%, the lowest in over five years. Even after laying off 14% of the workforce & losing top executives, profit margins dipped.
Tesla plans to unveil the long-delayed robotaxi in October, with a redesigned model. Production of a new affordable car is expected in 2025.
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