During her annual conference on her results, Tesla mentioned everything, except her results

The expression is familiar to Wall Street: Earnings Call. In French, a conference on quarterly results. A time when business leaders are supposed to explain, in support, how their company behaved. This Tuesla Tesla held her call to investors on Tuesday. The results? In net decline. The benefit has melted, sales stagnate, the margins collapse. And yet … The word “result” has rarely been pronounced.

Tesla elected her bad results and put everything on the technological dream

The figures, first. Tesla announced a turnover down 12 % over one year, to $ 22.5 billion, and a net profit divided by two. The market reacted immediately: the action plunged by 8 %.

But rather than analyzing this underperformance, Elon Musk spoke for a long time … Robotaxisrecently deployed to Austin, artificial intelligence, and Optimushis homemade humanoid. The Model Y? Disappeared tax incentives? There Falling deliveries in Europewho is currently doing the headlines? Almost nothing.

“We are in a strange transition phase”launched Elon Musk, without specifying a concrete action plan. Even historical supports are starting to cringe. Ross Gerber, long -standing investor, spoke of a “Diversion strategy” and a call “Sad and depressing”.

The problem is not that Tesla dreams big. It is now to flee what it is still mainly: a car manufacturer.