[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.04,0:00:02.64,Default,,0000,0000,0000,,starting in the US where Tesla revealed
Dialogue: 0,0:00:02.64,0:00:05.20,Default,,0000,0000,0000,,the biggest slump in earnings in more
Dialogue: 0,0:00:05.20,0:00:07.04,Default,,0000,0000,0000,,than a decade as the road gets
Dialogue: 0,0:00:07.04,0:00:09.36,Default,,0000,0000,0000,,increasingly Rocky for the electric car
Dialogue: 0,0:00:09.36,0:00:12.16,Default,,0000,0000,0000,,industry Tesla made profits of $1.1
Dialogue: 0,0:00:12.16,0:00:14.28,Default,,0000,0000,0000,,billion in the first three months of the
Dialogue: 0,0:00:14.28,0:00:18.60,Default,,0000,0000,0000,,year that's a fall of 5 55% on this time
Dialogue: 0,0:00:18.60,0:00:22.40,Default,,0000,0000,0000,,uh last year revenues were 9% lower and
Dialogue: 0,0:00:22.40,0:00:24.60,Default,,0000,0000,0000,,both numbers were worse than investors
Dialogue: 0,0:00:24.60,0:00:28.44,Default,,0000,0000,0000,,had been expecting but Tesla shares well
Dialogue: 0,0:00:28.44,0:00:30.68,Default,,0000,0000,0000,,they've taken a real pounding this year
Dialogue: 0,0:00:30.68,0:00:32.96,Default,,0000,0000,0000,,they actually jumped by nearly 12% in
Dialogue: 0,0:00:32.96,0:00:35.08,Default,,0000,0000,0000,,after hours trade after the company
Dialogue: 0,0:00:35.08,0:00:37.64,Default,,0000,0000,0000,,promised quicker progress on new more
Dialogue: 0,0:00:37.64,0:00:40.72,Default,,0000,0000,0000,,affordable models Aon delill has been
Dialogue: 0,0:00:40.72,0:00:41.76,Default,,0000,0000,0000,,looking at the
Dialogue: 0,0:00:41.76,0:00:44.40,Default,,0000,0000,0000,,numbers it's been a rocky road for Tesla
Dialogue: 0,0:00:44.40,0:00:46.28,Default,,0000,0000,0000,,this year higher interest rates are
Dialogue: 0,0:00:46.28,0:00:48.24,Default,,0000,0000,0000,,taking a bite out of consumer purchasing
Dialogue: 0,0:00:48.24,0:00:50.48,Default,,0000,0000,0000,,power and pushing Big purchases Out Of
Dialogue: 0,0:00:50.48,0:00:53.24,Default,,0000,0000,0000,,Reach competition with China especially
Dialogue: 0,0:00:53.24,0:00:55.56,Default,,0000,0000,0000,,rival electric vehicle maker byd is
Dialogue: 0,0:00:55.56,0:00:57.88,Default,,0000,0000,0000,,heating up sales have been falling and
Dialogue: 0,0:00:57.88,0:01:00.00,Default,,0000,0000,0000,,so is Tesla's stock it's down more than
Dialogue: 0,0:01:00.00,0:01:02.76,Default,,0000,0000,0000,,than 40% this year the mod Y the
Dialogue: 0,0:01:02.76,0:01:04.64,Default,,0000,0000,0000,,company's been cutting prices and
Dialogue: 0,0:01:04.64,0:01:07.12,Default,,0000,0000,0000,,announced layoffs and then on Tuesday
Dialogue: 0,0:01:07.12,0:01:08.92,Default,,0000,0000,0000,,the company reported its first quarter
Dialogue: 0,0:01:08.92,0:01:10.84,Default,,0000,0000,0000,,earnings missing expectations on
Dialogue: 0,0:01:10.84,0:01:13.04,Default,,0000,0000,0000,,earnings and revenue and the company is
Dialogue: 0,0:01:13.04,0:01:14.96,Default,,0000,0000,0000,,anticipating lower deliveries this year
Dialogue: 0,0:01:14.96,0:01:16.04,Default,,0000,0000,0000,,compared to
Dialogue: 0,0:01:16.04,0:01:18.84,Default,,0000,0000,0000,,2023 but investors have one bright spot
Dialogue: 0,0:01:18.84,0:01:21.16,Default,,0000,0000,0000,,to look to Tesla announced it's speeding
Dialogue: 0,0:01:21.16,0:01:23.40,Default,,0000,0000,0000,,up the launch of a lower priced vehicle
Dialogue: 0,0:01:23.40,0:01:25.40,Default,,0000,0000,0000,,more affordable models could be a boon
Dialogue: 0,0:01:25.40,0:01:28.24,Default,,0000,0000,0000,,for cash strapped us consumers and a hit
Dialogue: 0,0:01:28.24,0:01:29.88,Default,,0000,0000,0000,,in big competitive markets world
Dialogue: 0,0:01:29.88,0:01:32.64,Default,,0000,0000,0000,,worldwide like China and India Erin
Dialogue: 0,0:01:32.64,0:01:34.88,Default,,0000,0000,0000,,Delmore there well I also spoke to Seth
Dialogue: 0,0:01:34.88,0:01:36.80,Default,,0000,0000,0000,,Goldstein who's a strategist at the
Dialogue: 0,0:01:36.80,0:01:38.76,Default,,0000,0000,0000,,investment manager Morning Star where he
Dialogue: 0,0:01:38.76,0:01:40.64,Default,,0000,0000,0000,,chairs their committee on electric
Dialogue: 0,0:01:40.64,0:01:42.96,Default,,0000,0000,0000,,vehicles he gave us his reaction to the
Dialogue: 0,0:01:42.96,0:01:46.16,Default,,0000,0000,0000,,results from Tesla well we knew that
Dialogue: 0,0:01:46.16,0:01:47.76,Default,,0000,0000,0000,,deliveries were going to fall and so
Dialogue: 0,0:01:47.76,0:01:49.48,Default,,0000,0000,0000,,we're likely going to see a revenue
Dialogue: 0,0:01:49.48,0:01:51.52,Default,,0000,0000,0000,,Decline and a and a larger profit
Dialogue: 0,0:01:51.52,0:01:53.32,Default,,0000,0000,0000,,decline due to the challenges in the
Dialogue: 0,0:01:53.32,0:01:55.48,Default,,0000,0000,0000,,quarter and not not only just lower
Dialogue: 0,0:01:55.48,0:01:57.60,Default,,0000,0000,0000,,sales but the production issues as well
Dialogue: 0,0:01:57.60,0:01:59.40,Default,,0000,0000,0000,,as ramping up new vehicles like the
Dialogue: 0,0:01:59.40,0:02:01.52,Default,,0000,0000,0000,,cyber truck that we're going to weigh on
Dialogue: 0,0:02:01.52,0:02:03.72,Default,,0000,0000,0000,,profits but looking looking at the
Dialogue: 0,0:02:03.72,0:02:05.88,Default,,0000,0000,0000,,quarter you know the bad news is already
Dialogue: 0,0:02:05.88,0:02:08.76,Default,,0000,0000,0000,,largely known so now the question for
Dialogue: 0,0:02:08.76,0:02:11.00,Default,,0000,0000,0000,,investors was what was Tesla's strategy
Dialogue: 0,0:02:11.00,0:02:13.32,Default,,0000,0000,0000,,going forward were they going to cancel
Dialogue: 0,0:02:13.32,0:02:15.56,Default,,0000,0000,0000,,the affordable vehicle as was rumored in
Dialogue: 0,0:02:15.56,0:02:17.76,Default,,0000,0000,0000,,the media or were they going to continue
Dialogue: 0,0:02:17.76,0:02:19.32,Default,,0000,0000,0000,,it and Tesla said they're going to
Dialogue: 0,0:02:19.32,0:02:21.92,Default,,0000,0000,0000,,accelerate it plus full self-driving is
Dialogue: 0,0:02:21.92,0:02:23.80,Default,,0000,0000,0000,,on track to start generating more and
Dialogue: 0,0:02:23.80,0:02:26.80,Default,,0000,0000,0000,,more Revenue so looking forward I think
Dialogue: 0,0:02:26.80,0:02:28.96,Default,,0000,0000,0000,,the bad news was largely priced into the
Dialogue: 0,0:02:28.96,0:02:31.48,Default,,0000,0000,0000,,stock Tes confirmed their strategy and
Dialogue: 0,0:02:31.48,0:02:33.16,Default,,0000,0000,0000,,that's why we saw the stock rise in
Dialogue: 0,0:02:33.16,0:02:35.76,Default,,0000,0000,0000,,after hours despite results coming in
Dialogue: 0,0:02:35.76,0:02:38.16,Default,,0000,0000,0000,,below consensus now of course what's
Dialogue: 0,0:02:38.16,0:02:39.60,Default,,0000,0000,0000,,going on with Tesla reflects what's
Dialogue: 0,0:02:39.60,0:02:41.32,Default,,0000,0000,0000,,going on in the global economy and
Dialogue: 0,0:02:41.32,0:02:43.88,Default,,0000,0000,0000,,things have changed radically since this
Dialogue: 0,0:02:43.88,0:02:47.72,Default,,0000,0000,0000,,this firm first came to our attention
Dialogue: 0,0:02:47.72,0:02:50.00,Default,,0000,0000,0000,,and was a disruptor within the car
Dialogue: 0,0:02:50.00,0:02:53.40,Default,,0000,0000,0000,,industry now every big car maker in the
Dialogue: 0,0:02:53.40,0:02:55.44,Default,,0000,0000,0000,,world is getting its electric vehicles
Dialogue: 0,0:02:55.44,0:02:57.92,Default,,0000,0000,0000,,out there so just talk us through the
Dialogue: 0,0:02:57.92,0:03:00.24,Default,,0000,0000,0000,,future for Tesla as the compet ition
Dialogue: 0,0:03:00.24,0:03:01.52,Default,,0000,0000,0000,,gets
Dialogue: 0,0:03:01.52,0:03:04.44,Default,,0000,0000,0000,,tougher well now now Tesla is no longer
Dialogue: 0,0:03:04.44,0:03:06.32,Default,,0000,0000,0000,,the first mover they don't have that
Dialogue: 0,0:03:06.32,0:03:08.32,Default,,0000,0000,0000,,advantage of being the incumbit in the
Dialogue: 0,0:03:08.32,0:03:10.28,Default,,0000,0000,0000,,market now they have to make the case to
Dialogue: 0,0:03:10.28,0:03:12.56,Default,,0000,0000,0000,,Consumers of why you should buy a Tesla
Dialogue: 0,0:03:12.56,0:03:15.80,Default,,0000,0000,0000,,versus another vehicle um especially
Dialogue: 0,0:03:15.80,0:03:17.72,Default,,0000,0000,0000,,Tesla was one of the first long range
Dialogue: 0,0:03:17.72,0:03:20.76,Default,,0000,0000,0000,,electric vehicles versus early EVS had a
Dialogue: 0,0:03:20.76,0:03:22.76,Default,,0000,0000,0000,,much shorter range usually half the
Dialogue: 0,0:03:22.76,0:03:25.44,Default,,0000,0000,0000,,range of a Tesla or less and so that was
Dialogue: 0,0:03:25.44,0:03:27.56,Default,,0000,0000,0000,,pretty easy for consumers who wanted the
Dialogue: 0,0:03:27.56,0:03:30.56,Default,,0000,0000,0000,,longer range to choose a Tesla now Tesla
Dialogue: 0,0:03:30.56,0:03:32.04,Default,,0000,0000,0000,,to rely on things like the full
Dialogue: 0,0:03:32.04,0:03:34.60,Default,,0000,0000,0000,,self-driving rely on the performance
Dialogue: 0,0:03:34.60,0:03:37.36,Default,,0000,0000,0000,,specs the battery life um you know
Dialogue: 0,0:03:37.36,0:03:40.24,Default,,0000,0000,0000,,offering consumers more infotainment
Dialogue: 0,0:03:40.24,0:03:42.08,Default,,0000,0000,0000,,while they charge those sorts of
Dialogue: 0,0:03:42.08,0:03:44.48,Default,,0000,0000,0000,,ancillary products and services as a
Dialogue: 0,0:03:44.48,0:03:46.64,Default,,0000,0000,0000,,reason to buy Tesla over another EV
Dialogue: 0,0:03:46.64,0:03:48.68,Default,,0000,0000,0000,,brand because the EV Market especially
Dialogue: 0,0:03:48.68,0:03:50.40,Default,,0000,0000,0000,,in the luxury space where Tesla
Dialogue: 0,0:03:50.40,0:03:53.00,Default,,0000,0000,0000,,currently operates is largely saturated
Dialogue: 0,0:03:53.00,0:03:55.48,Default,,0000,0000,0000,,with new players and incumbents and so
Dialogue: 0,0:03:55.48,0:03:57.60,Default,,0000,0000,0000,,Tesla no longer enjoys having that sort
Dialogue: 0,0:03:57.60,0:03:59.96,Default,,0000,0000,0000,,of market dominance that they once had
Dialogue: 0,0:03:59.96,0:04:01.56,Default,,0000,0000,0000,,and just quickly Seth are you concerned
Dialogue: 0,0:04:01.56,0:04:04.08,Default,,0000,0000,0000,,at all about Elon Musk still being in
Dialogue: 0,0:04:04.08,0:04:07.00,Default,,0000,0000,0000,,charge of Tesla as the boss as CEO there
Dialogue: 0,0:04:07.00,0:04:08.92,Default,,0000,0000,0000,,was a lot conversation some time ago
Dialogue: 0,0:04:08.92,0:04:11.40,Default,,0000,0000,0000,,when uh he bought X and the wrangling
Dialogue: 0,0:04:11.40,0:04:13.44,Default,,0000,0000,0000,,and the the legal wranglings over X that
Dialogue: 0,0:04:13.44,0:04:16.16,Default,,0000,0000,0000,,he was not focused on Tesla enough he
Dialogue: 0,0:04:16.16,0:04:18.16,Default,,0000,0000,0000,,was busy with other
Dialogue: 0,0:04:18.16,0:04:20.76,Default,,0000,0000,0000,,things well Elon confirmed on on the
Dialogue: 0,0:04:20.76,0:04:22.32,Default,,0000,0000,0000,,earnings call that he spends the
Dialogue: 0,0:04:22.32,0:04:24.40,Default,,0000,0000,0000,,majority of his time at Tesla and I
Dialogue: 0,0:04:24.40,0:04:26.20,Default,,0000,0000,0000,,think we've seen we've seen a very
Dialogue: 0,0:04:26.20,0:04:28.28,Default,,0000,0000,0000,,strong management team from Tesla that
Dialogue: 0,0:04:28.28,0:04:31.40,Default,,0000,0000,0000,,includes Tom Zoo who's the effective coo
Dialogue: 0,0:04:31.40,0:04:33.04,Default,,0000,0000,0000,,who makes a lot of the pricing and
Dialogue: 0,0:04:33.04,0:04:35.44,Default,,0000,0000,0000,,Manufacturing decisions and so I think
Dialogue: 0,0:04:35.44,0:04:37.80,Default,,0000,0000,0000,,Elon is is more than capable of
Dialogue: 0,0:04:37.80,0:04:40.40,Default,,0000,0000,0000,,continuing to be the CEO of Tesla as
Dialogue: 0,0:04:40.40,0:04:42.36,Default,,0000,0000,0000,,well as meet his other business ventures
Dialogue: 0,0:04:42.36,0:04:44.52,Default,,0000,0000,0000,,and you know with X he's he's taking
Dialogue: 0,0:04:44.52,0:04:47.36,Default,,0000,0000,0000,,more of a a technology role he's not the
Dialogue: 0,0:04:47.36,0:04:49.72,Default,,0000,0000,0000,,CEO of that company so I think he'll be
Dialogue: 0,0:04:49.72,0:04:52.24,Default,,0000,0000,0000,,able to run Tesla and Tesla will still
Dialogue: 0,0:04:52.24,0:04:53.92,Default,,0000,0000,0000,,be able to meet their
Dialogue: 0,0:04:53.92,0:04:56.56,Default,,0000,0000,0000,,goals interesting Seth Goldstein there
Dialogue: 0,0:04:56.56,0:04:58.20,Default,,0000,0000,0000,,from Morning Star well Tesla is the
Dialogue: 0,0:04:58.20,0:05:00.68,Default,,0000,0000,0000,,first of the so-called magnific 7 that's
Dialogue: 0,0:05:00.68,0:05:02.76,Default,,0000,0000,0000,,the tech companies that dominate us
Dialogue: 0,0:05:02.76,0:05:05.24,Default,,0000,0000,0000,,markets to report quarterly earnings
Dialogue: 0,0:05:05.24,0:05:07.24,Default,,0000,0000,0000,,today we'll be hearing from Facebook and
Dialogue: 0,0:05:07.24,0:05:10.28,Default,,0000,0000,0000,,Instagram owner meta Thursday we have
Dialogue: 0,0:05:10.28,0:05:12.76,Default,,0000,0000,0000,,results from Google owner alphabet as
Dialogue: 0,0:05:12.76,0:05:15.32,Default,,0000,0000,0000,,well as Microsoft over the past week or
Dialogue: 0,0:05:15.32,0:05:17.32,Default,,0000,0000,0000,,so around a trillion dollars has been
Dialogue: 0,0:05:17.32,0:05:19.52,Default,,0000,0000,0000,,wiped off the value of big tech
Dialogue: 0,0:05:19.52,0:05:22.48,Default,,0000,0000,0000,,companies but on Tuesday us markets were
Dialogue: 0,0:05:22.48,0:05:25.16,Default,,0000,0000,0000,,higher with the tech heavy NASDAQ index
Dialogue: 0,0:05:25.16,0:05:26.16,Default,,0000,0000,0000,,up
Dialogue: 0,0:05:26.16,0:05:31.56,Default,,0000,0000,0000,,1.6% so maybe some optimism is coming AC