Electric car maker Tesla’s profits took a dive in the third quarter, according to an earnings call on Wednesday in which the company’s chief Elon Musk blamed staff working from home for being “detached from reality”. Tesla’s profits in Q3 of 2023 have plunged by over 40 per cent compared to the gains it made in the same period last year after the company slashed its car prices by around 25 per cent in an attempt to compete with other EV makers. The EV manufacturer reported a net profit of about $1.9bn for the time between July through September, which is a 44 percent drop from the $3.3bn it made in the same three-month period last year. While the company has seen a small increase in overall revenue of about $23bn from the $21bn the same time last year, the figures are still lower than Wall Street expectations. Mr Musk also dampened hopes of the company’s anticipated Cybertruck reviving profits in the near future, announcing that it would take at least 18 months for the truck to become profitable as it could go on sale only by the end of November. “There will be enormous challenges in reaching volume production with Cybertruck and making the Cybertruck cash flow positive,” the Tesla titan told investors and analysts in the earnings call. “The blood, sweat and tears that will be required to achieve that is just staggering,” he added. Over the last year, Tesla has slashed the prices of its cars by quarter to boost sales. Growing competition with the introduction of EVs by other car makers in the US, including BMW, Toyota, Mercedes, GM and Hyundai, has also coincided with Tesla’s share of vehicles in the EV market reducing in the last quarter. In the earnings call, Mr Musk also said staff working from home are taking advantage of those who cannot work from home. “Like... what about all the people that have to come to the factory and build the cars?” he asked. “Why did I sleep in the factory so many times? Because it mattered,” the Tesla chief said. Mr Musk echoed the statements he made in an interview with CNN earlier this year in which he called remote work “morally wrong”, arguing that it is unfair to those who cannot have the option. “Get off the goddamn moral high horse with the work-from-home bullshit,” he said. Tesla also pointed fingers at its reduction in production while it upgraded its factories as one of the factors behind the profit slump. It said it has also been making big investments in AI and “commissioned one of the world’s largest supercomputers.” “We have more than doubled the size of our AI training compute, accommodating for both our growing data set & Optimus, which is currently being trained for simple tasks through AI rather than hardcoded software, while its hardware continues to improve,” Tesla said. But all is not gloomy as the company says the first deliveries of its Cybertruck are scheduled for 30 November and Tesla’s Model Y remains the “best-selling vehicle of any kind” in Europe. Read More X begins charging new users to post as part of trial EU asks Elon Musk to ‘walk the talk’ on X/Twitter disinformation over Hamas attack AOC wants to ‘trade in’ her Tesla for union-made electric vehicle amid historic auto workers strike Amazon to start dropping packages into people’s gardens using drones in the UK Facebook has stopped working Facial recognition firm Clearview AI overturns UK data privacy fine

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Harry Kane's wait for a trophy continues after he lost his first game for Bayern Munich in the DFL Supercup against RB Leipzig. The England captain completed his €100m transfer to the German giants on Saturday after his summer-long transfer saga came to a conclusion seeing the striker bid an emotional farewell to the club he has been at since he was a boy, Tottenham Hotspur. Kane's move to Bayern means that he has a very strong chance to finally win the one thing that has eluded him in the English game; a trophy. The 30-year-old even had the chance to claim a trophy in his first game for his new club as they faced Leipzig in the German equivalent of the Community Shield; the DFL Supercup. Kane didn't start the match and Bayern didn't start the match very well either as they found themselves 2-0 down at half-time thanks to two goals from Spanish winger Dani Olmo. Kane was subbed on at 64 minutes but four minutes later Leipzig were 3-0 up as Olmo completed his hat-trick from the penalty spot. Sign up to our free Indy100 weekly newsletter This was hardly the start that Kane would have envisioned for himself at Bayern and the fact that he is still waiting to lift a trophy has led to the inevitable jokes on Twitter. Amongst the schadenfreude, there was one legitimately funny moment where Kane realised he's yet to learn any German when attempting to complain to the referee. Kane can at least hope to get his Bayern career off to a proper start on Friday, when the team kick off their Bundesliga campaign agaisnt Werder Bremen. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

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