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TeslaInc TSLA shares are swerving lower Thursday on the heels of the EV company's first-quarter report, which showed a continued decline in margins.

On the bright side, CEO Elon Musk noted the Cybertruck is on track for production later this year, but Jim Cramer doesn't expect the vehicle to help turn things around.

What To Know:The long-awaitedCybertruck is still on track to begin production later this year. It could potentially be one of the most anticipated vehicle launches of all time.

A week afterit was unveiled in 2019, Teslasaid it already had more than250,000 reservations for the futuristic-looking EV. Near the end of last year, the total number of reservations had climbed to1.5 million.

On the conference call following Tesla's first-quarter earnings, Musk notedCybertruck development remains on schedulefor aplanned start of production this year, addinga delivery event is expectedin the third quarter.

Check This Out:4 Tesla Analysts On EV Giant's Margin Strategy: 'Stormy Weather For Now, Sunny In Spring Next Year'

Why It Matters: Cramer doesn't expect the Cybertruck to really move the needle for Tesla. He told viewersThursday morning on CNBC's "Squawk On The Street" that he certainly isn't buying one, and he doesn't expect many others to get muchvalue fromit.

"I'm calling it a toy for Elon Musk fanboys," Cramer said.

He indicatedit won't be a mainstream product and compared it to buying aLamborghini. It's going to cost too much and it'sgoing to have to housea gigantic battery, he said.

Furthermore, "it of course ishideous," he said: "The ugliest truck I've ever seen."

Compared toFord Motor Co'sF electric truck, it's not going to be nearly as appealing to your average truck buyer, he said. People want something that they can throw tree branchesin the back of, and you aren't going to want to do that with the Cybertruck. Again, it's more like a Lamborghini, Cramer said.

"This thing is ugly. I'm sorry, and I love Tesla by the way," Cramer said.

Cramer noted that he owns Ford stock for his charitable trust andsuggested Ford will do much better with sales of the F-150 Lightning.

However, the Cybertruck is going to be the number one seller on Mars. "There's no doubt about it," Cramer said with a laugh.

TSLA Price Action: Tesla shares were down 10.54% at $161.56Thursday afternoon, according toBenzinga Pro.

Read Next:Tesla Cybertruck Frunk Looks To Take Cues From Ford F-150 Lightning

Photo: Shutterstock.

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Politics

Trump signs resolution killing IRS DeFi broker rule

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Trump signs resolution killing IRS DeFi broker rule

Trump signs resolution killing IRS DeFi broker rule

US President Donald Trump on April 10 signed a joint Congressional resolution overturning a Biden-era rule that requires decentralized finance (DeFi) protocols to report to the country’s tax authority, the Internal Revenue Service.

The rule would have required DeFi platforms, such as decentralized exchanges, to file their gross proceeds from crypto sales and include information on those involved in the transactions.

Trump was widely expected to sign the bill, as White House AI and crypto czar David Sacks said in March that the president would support killing the measure.

This is a developing story, and further information will be added as it becomes available.

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Environment

This electric excavator has battery swap tech that lets it recharge in minutes [update]

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This electric excavator has battery swap tech that lets it recharge in minutes [update]

The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.

UPDATE: telematics announcement.

Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.

XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.

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We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).

XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?

Easy in, easy out

XCMG battery swap crane; via Etrucks New Zealand.

The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.

You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.

Telematics announcement at bauma

XCMG showcases green, smart tech at bauma 2025; via XCMG.

Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”

The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.

“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”

SOURCE | IMAGES: XCMG; via PR Newswire.

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Environment

Tesla (TSLA) is having a terrible month, and it’s only April 10th!

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Tesla (TSLA) is having a terrible month, and it's only April 10th!

On today’s troubling episode of Quick Charge, we explore all the troubles befalling Tesla (and TSLA stock) in the month April – with top executives fleeing the ship, demand plummeting, sales slipping, government incentives at home and abroad under threat, and a raft of receipts brought on by an OpenAI lawsuit hitting the brand, it’s already a bad month for Elon … and there’s still 20 more days to go!

None of this even touches on the $43 million “backlogged” rebate scandal Tesla’s facing in Canada that’s being blamed for people’s negative attitudes about the brand (ha!) or the fact that neither the long-promised Roadster 2.0 or the Tesla Semi will see production anytime this year, either.

The word you’re looking for when you think of Tesla these days is, “cooked.”

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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