Hi, everybody. I'm Brittany Lewis, a breaking news reporter here at Forbes.

Joining me now is Alan Oansman, senior editor and author of the current climate newsletter.

Alan, thanks so much for joining me.

Hi, Brittany. Good to be with you.

I want to read your latest reporting headline. You write this. Elon Musk is running out of ideas to save Tesla.

And in our conversations within really the past weeks, you've said things are bad at Tesla,

and you're reporting last week, the company posted its worst quarterly results in four years.

So dive a little bit into the numbers for us to start off the conversation. Explain exactly the state Tesla is currently in.

Well, I'll start with the headline for the story that Elon's out of ideas.

And that might seem counterintuitive to some people because he is announcing some new things.

Those include a robotaxy program that is supposed to kick off in Austin next month,

the potential for Tesla to be a huge AI play at some point, and also humanoid robotics,

their optimist program where they're building human-style robot workers. So one might think,

those are ideas, and I would say those are ideas,

and that is all that they are at this point, meaning they're not businesses. There is no way

to model and project earnings for any of these things. Elon throws a lot of numbers out,

saying robots will be a trillion-dollar business. Okay, maybe. But if I'm an analyst,

if I'm an equity analyst, and I'm trying to bake in, what are the things I know in terms of

existing businesses and trying to project forward earnings, I can't model those. It's what's

called hopium. One might wish that these things come true.

But right now, they're not real concrete businesses. So we have to kind of set those aside. When I say

he's out of ideas, what I'm talking about is the core business of Tesla. And it boils down really to three things. Electric vehicles,

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