Elon Musk indicated he was willing to sacrifice Tesla’s profits in the short term in an aggressive push for market share, with the aim of making more money later when the company’s cars are fully autonomous and can earn extra fees by operating as “robotaxis”.
The Tesla chief executive’s unconventional justification for why shareholders should stomach lower profits came as the US electric-car maker reported price cuts this year had driven its profits margins in the first quarter below already-reduced forecasts.
His comments on an earnings call on Wednesday pushed Tesla shares lower in after-market trading, adding another 6 per cent to the 10 per cent decline they had suffered since the start of the month on worries about falling demand.
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