Elon Musk is ready to invest $1bn in AI to make Tesla cars fully autonomous
- 20 July 2023
- Posted by: Federica Montella
- Categories: eToro CopyTrader, Investing
Tesla shares dropped but…
Data released yesterday showed that Tesla’s profit margins dropped in the last quarter.
Tesla’s gross profit margin slipped to 18.2% in the past quarters, down from 18.8% in the first three months of 2023 and 26.2% a year ago.
The main reason for the profit margin drop is the series of price cuts done this year to boost the selling and to fight the competitors in the electric car market, which has negatively impacted the earnings.
The positive note has been the fact that Tesla has reached its target of selling 1.8M vehicles this year and consequentially a record-high profit of $24.93 billion.
However, Tesla’s shares have gone down by 4% on Wednesday, after Elon Musk’s comment regarding the possibility to continue to reduce its car prices if the Federal Reserve will hike the interest rates again this year.
This decision will be taken to help Tesla’s clients to finance the cost of the vehicle so that, thanks to the eventual price reduction, the car will not be more expensive, due to the higher interest rates.
Tesla’s Chief Executive, Elon Musk, also said that he would invest $1bn over the next year in its new AI training hardware, called Dojo, in order to reach the goal of a fully autonomous car.
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Federica Montella
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