This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Tesla (NASDAQ: TSLA) reported Wednesday that it delivered just over 336,000 electric vehicles worldwide in the first quarter of 2025, a number that fell well short of most Wall Street estimates.

The news followed a quarter in which Tesla's stock fell 36%, its worst quarterly performance since 2022, as protests and boycotts in the U.S. and Europe drove potential EV buyers to look elsewhere.

Tesla's stock moves can sometimes seem disconnected from the company's underlying fundamentals. But lately, those fundamentals really do seem to be slipping.

Tesla deliveries were down sharply and there's no silver lining visible

Tesla said it delivered 336,681 vehicles in the first quarter, and that it produced 362,615 -- about 7.7% more than it delivered.

That deliveries total was roughly 14% below Wall Street estimates. Analysts polled by Bloomberg had expected deliveries of a bit over 390,000. (Earlier estimates, in January, had forecast first-quarter deliveries of more than 460,000, Bloomberg noted.)

Tesla's first-quarter deliveries were also down about 13% from a year earlier and down 32% from the fourth quarter of 2024.

But that wasn't all the bad news.

Tesla breaks deliveries numbers into two groups: One for Models 3 and Y, and one for "other models", including the older Models S and X and -- significantly -- the Cybertruck.

Model 3/Y deliveries were down 12% year over year. But deliveries of "other models" were down 46% from the fourth quarter of 2024, suggesting that sales of the company's controversial pickup truck may have stalled.

In a brief statement, Tesla said that the changeover of the Model Y's production lines -- to produce an updated version of the vehicle -- "led to the loss of several weeks of production in Q1".

That might help to explain why Tesla produced 16.3% fewer vehicles than it did in the first quarter of 2024. But it doesn't fully explain the drop in deliveries.

The decline in Tesla deliveries is probably all about Elon

To say the least, CEO Elon Musk's dabbling in politics has not been popular with potential EV buyers in the U.S. and Europe.

In the first quarter, Tesla was hit by waves of protests, boycotts, and even some vandalism of its cars and facilities, all motivated by the spending cuts that Musk has been ordering as part of President Donald Trump's second administration.

His comments on European politics haven't helped. Across 15 European markets, Tesla's share of the market for EVs declined from 17.9% a year ago to just 9.3% in the first quarter of 2024, according to data from EU-EVs.com.

Still, there might be other reasons to own Tesla now. Ardent Tesla bulls have argued for years that there's much more to the company than EVs, though to date that "much more" -- including robotaxis and humanoid robots -- has seemed to amount more to promises than products. Musk's visions around those new businesses might yet pay off, though both face stiff competition and are likely to suffer from the same political pressures hurting Tesla sales.

Additionally, Politico reported today that Musk might soon have a less active role in the government, returning to his businesses. The market cheered that news, reversing the stock's course from a dip of more than 6% to a gain of more than 5%.

But at least for the moment, it seems clear that Tesla-the-car-company is no longer in growth mode. That should be a worry given the company's enormous valuation premium relative to other mature automakers (its price-to-sales ratio is more than 10 times that of legacy automakers Ford and General Motors and roughly four times that of fellow EV maker Rivian). Invest carefully.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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John Rosevear has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended General Motors. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Chinese electric-vehicle (EV) maker Nio (NYSE: NIO) were trading lower on Thursday, on rising COVID-19 concerns a day after it announced its best monthly sales result to date.

As of 11 a.m. ET today, Nio's American depositary shares were down about 2.4% from Wednesday's closing price.

So what

As is true elsewhere in the world, the emergence of the new omicron variant has rekindled concerns about potential business disruptions in China. Those concerns were hitting the EV segment on Thursday; Nio's was just one of many EV-related stocks trading lower in the session. 

For the moment at least, the company is doing well. Nio said yesterday that it delivered 10,878 vehicles in November, its best monthly total to date and more than double its year-ago result. It was only the second time that its monthly delivery total had broken the important 10,000 mark, and it's a sign that Nio (at least for the moment) has its supply chain issues under control.

Now what

Should the automaker's investors be worried about omicron? Nio thinks not, or at least not yet. The company issued a statement on Wednesday reassuring fans and investors that its annual Nio Day is on track to happen on Dec. 18 as scheduled.

The company generally uses its annual Nio Day gatherings to showcase upcoming new products and technologies. Analysts expect this year's event to feature two upcoming new models, including an electric sedan that may be called the ET5. Both of the new models are believed to be on track to launch later in 2022.

Those models will follow the launch of the company's new flagship, the sleek ET7 sedan. Nio is expected to begin shipping the ET7 in early 2022. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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John Rosevear has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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What happened

Shares of Tesla (NASDAQ: TSLA) were trading lower on Monday after a U.S. government agency announced an investigation into the company's Autopilot hands-free driving system.

As of 11:30 a.m. EDT, Tesla's stock was down about 5.1% from Friday's closing price.

So what

The National Highway Traffic Safety Administration (NHTSA) said that it has opened a formal safety probe into Tesla's driver-assist systems after a series of crashes involving emergency vehicles. (The investigation was opened on Friday, but it was first reported on Monday morning.) 

NHTSA said that it opened the investigation after identifying 11 crashes since the beginning of 2018 in which Teslas "encountered first responder scenes and subsequently struck one or more vehicles" at those scenes. 

All of the Teslas involved had Autopilot or Traffic Aware Cruise Control, a dynamic cruise-control system included in the Autopilot package, engaged "during the approach to the crashes," the agency said. 

NHTSA's move to open an investigation is just that: the beginning of an investigation. As of right now, Tesla isn't facing any consequences. But NHTSA does have the power to force Tesla to recall the affected vehicles, which could impose limits on its Autopilot and Full Self Driving systems, reducing the company's perceived technological lead. 

While a software revision isn't likely to be a material expense for Tesla, NHTSA could also impose fines, or require that Tesla make changes to the vehicles' hardware, or both.

That's why the stock is down today.

Now what

While NHTSA's investigation is focused on Tesla, it's also a signal to the industry at large that its regulators are now looking carefully at the so-called "self-driving" space. Auto investors should note that this could have consequences for other companies developing advanced driver-assist or autonomous-vehicle systems. 

That's likely to be a good thing for safety in the longer term. But it might be a not-so-good thing for some other high-flying stocks in the near term. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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John Rosevear has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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General Motors (NYSE: GM) reported a fourth-quarter profit that beat Wall Street's estimates, but said that an ongoing shortage of semiconductors could shave up to $2 billion from its profits in 2021. 

GM's guidance for 2021 calls for an adjusted operating profit between $10 billion and $11 billion, taking into account the net impact of between $1.5 billion and $2 billion resulting from the worldwide chip shortage. 

About the chip shortage

GM said on Tuesday that it will extend shutdowns at three of its North American assembly plants until at least mid-March, amid a shortage of chips that has hit auto production in factories around the world. The chip manufacturers have struggled to keep pace with a sharp rise in sales of personal computers amid the COVID-19 pandemic. 

CEO Mary Barra said on Wednesday that GM is prioritizing production of its pickup trucks and big SUVs, profitable products that are in high demand. The company expects manufacturing of those products to remain on plan through the year, Barra said, and the supply disruptions won't have any impact on its future-product efforts.

GM's fourth-quarter results were good

On an adjusted basis, excluding one-time items, GM earned $1.93 per share in the fourth quarter on revenue of $37.5 billion. Both numbers exceeded the average estimates of Wall Street analysts polled by Thomson Reuters, which called for adjusted EPS of $1.63 on revenue of $26.12 billion. 

GM's results were a significant improvement on the fourth quarter of 2019, which began amid a United Auto Workers strike that idled the company's U.S. factories. The improvement was driven by good results in North America, as sales of its newest products remained strong despite the pandemic.

• GM North America earned $2.6 billion in adjusted earnings before interest and tax ("EBIT-adjusted," in GM-speak) on good sales of pickup trucks and its new full-size SUVs. Margin of 8.7% was an improvement from the strike-battered year-ago result, but was dented a bit by pandemic-related production cuts. 
• In China, GM's joint ventures generated $248 million of equity income, up slightly from $239 million a year ago. Sales were up, but competitive pressures hurt pricing, and compliance-related costs dented overall results. 
• GM Financial, the company's financial-services subsidiary, earned $1.04 billion in pre-tax profit in the fourth quarter, up from $498 million a year ago. Leverage declined a bit from a year ago (to an 8.0 multiple from 8.3) as liquidity rose to $26.6 billion. 

Debt, cash, and one-time items

GM's automotive business ended 2020 with $22.3 billion in cash and an additional $18.2 billion in available credit lines, for total liquidity of $40.5 billion. Against that, it had $17.5 billion in debt, and another $12.4 billion in underfunded pension liabilities. 

The company said that it expects "no significant mandatory contributions" to its U.S. pension plans over the next five years. The plans were underfunded by $5.4 billion as of Dec. 31. 

GM has repaid the full balance of the revolving account it drew down in the spring of 2020, when it idled most of its factories amid the first wave of the pandemic. In addition, it paid off about $800 million of unsecured debt in South America, it said. 

The automaker had several small one-time items in the fourth quarter, including some small credits and charges related to overseas restructuring and buyouts of some Cadillac dealers that chose not to participate in the brand's transition to electric vehicles. The net impact was a credit of $5 million. 

GM's full guidance for 2021

For 2021, the company said that auto investors should expect:

• EBIT-adjusted between $10 billion and $11 billion. (2020: $9.7 billion. 2019: $8.4 billion.) 
• Adjusted EPS between $4.50 and $5.25. (2020: $4.90. 2019: $4.82.)
• Adjusted automotive free cash flow between $1 billion and $2 billion. (2020: $2.6 billion. 2019: $1.1 billion. "Automotive" figures exclude results from GM Financial.)
• Capital expenditures between $9 billion and $10 billion, on accelerated electric-vehicle investments and deferred spending from 2020. (2020: $5.25 billion. 2019: $7.49 billion.)

Those figures include GM's current estimates of the impact of the chip shortage, which it expects will reduce EBIT-adjusted by $1.5 billion to $2 billion, and trim adjusted automotive free cash flow by $1.5 billion to $2.5 billion.

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The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

John Rosevear owns shares of General Motors. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Shares of Korean automaker Kia Motors surged after a major South Korean newspaper reported that Apple Inc (NASDAQ: AAPL) will invest $3.6 billion in Kia as part of a deal to build Apple cars in Kia's US factory. 

The paper, Seoul-based Dong-A Ilbo, reported that Kia and Apple are close to a deal under which Kia will build Apple's long-rumored electric car in its factory in West Point, Georgia. The initial production target is 100,000 vehicles per year starting in 2024, according to the report, with the potential to expand to a maximum of 400,000 per year. 

As part of the deal, Apple will invest 4 trillion Korean won ($3.6 billion) in Kia, per the report. 

Apple's long-running project to develop a car has been the subject of rumors for years. Originally thought to be a self-driving taxi, more recent reports hint that the Apple vehicle will be a somewhat more mainstream electric car – possibly with some self-driving technologies – that will be thoroughly integrated into the existing Apple device ecosystem. It's possible that the Apple car will be based on the E-GMP electric-vehicle architecture developed by Kia's corporate sibling Hyundai. 

While the reported production volumes suggest an upscale but not luxury-level price target (in line with Apple's strategy around its other consumer devices), it's not yet clear whether Kia's Georgia factory will be manufacturing cars for global export or just for the United States. 

The companies tentatively plan to announce the collaboration on 17 February, Dong-A Ilbo reported.

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John Rosevear owns shares of Apple. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia has recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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After years of bickering with regulators, Tesla (NASDAQ: TSLA) has finally begun recalling over 100,000 vehicles with faulty touchscreen systems. 

Tesla has begun the process of notifying owners of Model S sedans made between 2012 and 2018, and Model X SUVs made between 2016 and 2018 — 134,951 vehicles in all — that it will replace the vehicles' touchscreen systems with upgraded parts. 

The news was first reported by Electrek, which obtained a copy of the email Tesla sent to vehicle owners. 

Owners of older Teslas have reported issues with the touchscreens that control many of their vehicles' functions. (Tesla calls the touchscreen systems "MCUs," for "media control units.") Over time, the screens can become slower to respond, sometimes freezing up while underway — and occasionally, failing entirely.

Tesla's touchscreen systems incorporate key vehicle functions, including the backup cameras and climate-control systems like defrosters. The U.S. National Highway Traffic Safety Administration (NHTSA) determined last month that the MCU defect is a safety issue and asked Tesla to recall the affected vehicles.

The email from Tesla said that the problem is with an 8 gigabyte MultiMediaCard, or eMMC, built into the MCU that can malfunction over time. The company said that it will replace the affected vehicles' MCUs with upgraded units that incorporate a 64 gigabyte eMMC. However, owners will have to wait until the upgraded parts are available, the company said. 

Tesla had not yet disclosed the estimated cost of the recall at press time. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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John Rosevear has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Ford Motor Company (NYSE: F) announced Monday that it has entered a six-year deal with Google, which will make the search giant responsible for much of Ford's upcoming in-vehicle connectivity.  

Under the deal, future Ford and Lincoln vehicles — beginning in 2023 — will be "powered" by Google's Android operating system, providing customers with built-in access to Google services such as Maps, Play, and Assistant. 

In addition, the in-car systems will be able to run apps from both Ford and third-party developers, the companies said. 

Ford and Google are establishing a new collaborative group, called "Team Upshift," to "push the boundaries of Ford's transformation" by exploring and developing new products and services that make use of the data that will be gathered, the company said in a statement.

Ford said that the partnership is intended to streamline its operations and accelerate its ongoing $11 billion restructuring plan. CEO Jim Farley said that Ford will be able to redirect spending from developing its own navigation and in-car entertainment systems in-house, which he said gave Ford's customers a "generic" experience. 

For Google and its parent Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), the deal gives Google Cloud a prominent new customer that could help it win additional business. Google Cloud's market share has lagged similar offerings from rival tech giants Amazon Inc (NASDAQ: AMZN) and Microsoft Corporation (NASDAQ: MSFT). 

Financial terms of the deal were not disclosed. 

Microsoft signed a similar deal with General Motors Company (NYSE: GM) and its Cruise self-driving subsidiary in January. 

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John Rosevear owns shares of Amazon, Ford, and General Motors. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Microsoft and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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General Motors (NYSE: GM) said that it will shut down its operations in Australia and New Zealand and sell a factory in Thailand as it continues to rework its allocation of capital to opportunities around the world.

The moves should benefit GM's return on invested capital over time. But by retreating from key Asia Pacific markets, GM is also giving up an important component of its long-standing global diversification strategy -- and it's spending some real money to do so. 

What GM said about its Asia Pacific restructuring 

Here are the key points of GM's latest restructuring announcement:

• GM will shut down its sales, design, and engineering operations in Australia and New Zealand, and will retire Holden, its longtime Australian brand, by the end of 2021. 
• GM has signed an agreement to sell its factory in Rayong, Thailand, to Chinese automaker Great Wall Motors (OTC: GWLLF). It will withdraw the Chevrolet brand from the domestic market in Thailand by the end of 2020. 
• These moves will result in one-time charges totaling $1.1 billion, including about $300 million in net cash charges. (The remainder will be write-offs and other noncash accounting charges.) 

GM said that the majority of these charges will be taken against its first-quarter earnings, with the remainder coming later in 2020. 

The end of Holden is a big deal in Australia

It may not resonate with Americans, but for auto investors and enthusiasts Down Under, the imminent demise of Holden is a big deal. To Australians, Holden is GM, and has been since GM acquired the local automaker in 1921. As with Chevrolet in the United States, there's a long list of classic Holdens beloved by enthusiasts, and the brand has a lot of local goodwill.

Even after GM shut down Holden's local Australian factory in 2014, local fans retained hope that GM would continue to create special models for the brand. But the financial reality is stark: While nobody wanted to retire a brand beloved by enthusiasts, Holden isn't profitable enough to justify continued investment, GM president Mark Reuss said. 

"At the highest levels of our company we have the deepest respect for Holden's heritage and contribution to our company and to the countries of Australia and New Zealand," said Reuss. "After considering many possible options -- and putting aside our personal desires to accommodate the people and the market -- we came to the conclusion that we could not prioritize further investment over all other considerations we have in a rapidly changing global industry."

GM's moves in Thailand are part of a larger international rethink

The story in Thailand is simpler. GM's factory in Rayong is operating well below capacity, meaning that it isn't profitable, and without local manufacturing, the Chevrolet brand can't profitably compete in Thailand's domestic market. 

Steve Kiefer, the president of GM's international unit, said that the decision to sell the Rayong factory and withdraw from Thailand builds on earlier moves in Asia, including GM's decision to sell a factory in India and restructure its extensive operations in South Korea. 

GM International, which includes the company's Asia Pacific operations as well as its South American business, lost $202 million in 2019, versus a profit of $423 million in 2018. Kiefer said that efforts to improve profitability in South America are continuing. 

The upshot: A more profitable GM, but a smaller one, too

Not long ago, GM was proud of the fact that it sold vehicles in almost every country in the world. But under CEO Mary Barra, GM has largely retreated from Europe, Russia, Japan, and India, as it seeks to generate the best possible return on its invested capital. 

Now, GM is adding Australia, New Zealand, and Thailand to the list of places where it doesn't see a profitable opportunity to participate in the local market. As it does in Europe and Japan, GM will continue to offer a small number of high-margin imported vehicles in Australia and New Zealand after Holden shuts down next year -- but those vehicles won't wear Holden nameplates, and they won't sell in anything like the volumes that Holden generated in its heyday.

Put another way, Barra is betting that GM can generate the best returns by focusing most of its efforts (and capital) on North America, China, South Korea, and Latin America. As of right now, that looks like a good bet -- but only time will tell.

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John Rosevear owns shares of General Motors. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.