Steve Westly, Fmr. Tesla board member, joins 'Money Movers' to discuss Tesla's deliveries decline in the second quarter and the path he believes the company needs to take from here.

Austin

Tesla reported a 14% year-over-year decrease in vehicle deliveries for the second quarter, despite a slight improvement from the previous quarter. Former board member Steve Westly emphasized that while the delivery numbers were better than expected, the overall trend shows shrinking sales in key markets including Europe, China, and the US.

Westly suggested that Tesla must introduce a more affordable vehicle, secure regulatory approval for its autonomous driving technology in multiple cities, and focus on new products and lower prices to stay competitive. He noted that competitors like Hyundai, Volkswagen, and Chinese manufacturers are advancing rapidly in both affordable electric vehicles and autonomous driving. Westly concluded that Tesla needs to accelerate its innovation and product rollout to maintain its position in the evolving automotive market.

Fmr. Tesla board member: Tesla has to up its game

To test up q2 vehicle deliveries down 14% year-over-year shares getting a boost those numbers coming in better than feared Joining us now Steve Wesley the former Tesla board member and founder of the Wesley group shares up what 4.4 percent Steve great to see you. Thanks so much for joining us for 14% decline is is good news. I Don't think so. Look I think it's a tough quarter for Tesla small uptick from q1, but down 14% year-over-year They're down in Europe substantially down in China down in the US big picture Tesla sales are shrinking They need to find a higher gear get new products out in the market We're gonna see how the rest of the year looks but this looks tough How easy is it for them to pull those levers on the product side of things? Look, they need to do three things here. First. The market really wants a $25,000 model. That's not just my opinion Doing that's what Hyundai is doing. That's what VW is doing. That's where the market is They also have to get regulatory approval in multiple cities. Now. They had kind of a modest launch in in Austin it was much ballyhoo the Tesla full self-driving the reality human being was still in the car Waiting for approval and they've got to get in multiple cities to keep up with Waymo third I think they need a bit of a rebrand less politics more new product lower prices. That's the path to recovery What are the chances that they are the leader or a big player in in a robo-taxi world versus other players? Squeezing them out entirely. Well right now. There's a big global battle between Waymo already in four cities Shooting for ten by the end of the year it by the way with major cities like New York City, Toyota Tokyo coming next year and then you've got the Chinese BYD pony I we ride already approved in 30 cities in China So the world is moving towards autonomous vehicles. It's no longer science fiction. It's happening now You can see it on the roads in San Francisco LA everywhere Tesla has stepped its game. They have a modest launch in Austin. They've got to get approval in multiple cities I think they have the technology to do it. But again, they have to find a higher gear So how should investors look at these delivery numbers? I mean given that you know, that's where the conversation goes. That's how we're that's how we're factoring in the stock They're better. They're certainly better than the whisper number. Um, where do you think deliveries go in the next year? So well again, it all comes to how quickly they can get new product out. Look what Tesla did in 2021 and 22 virtually no one had done in the auto industry They came to the market with two transformative vehicles first the Model 3 then the Model Y Again, the best-selling vehicle in the world gas or electric because it was brought to the market at the right price point Because battery prices have gone down so precipitously that price point you need to hit is closer to 25k than 40 Tesla needs a vehicle in that segment, but in the final analysis, they've got to show more growth They're showing now you can't be down 14% year over year You've got to have new technology and new products BYD 14 electric vehicles Tesla five products and only introduced one in the last year. They've got to get new product new technology to market

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Washington

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Ukraine Invasion

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

Jerusalem

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

Paris

Macron held 'substantial' phone call with Putin

President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.

Everglades

Protesters gather around ‘Alligator Alcatraz’ as President Trump visits

Jurors in Sean “Diddy” Combs’ federal criminal trial said they have reached a verdict on four of the five counts, but they cannot reach a verdict on Count 1, which is racketeering conspiracy. The judge has instructed the jury to keep deliberating. Deliberations will resume Wednesday (July 2).

Jury reaches partial verdict in Sean "Diddy" Combs case

The U.S. Senate passed the Republicans' reconciliation bill on Tuesday (July 1) after more than 24 hours of marathon voting on amendments. Vice President JD Vance cast the tie-breaking vote.

U.S. Senate passes Trump's "big, beautiful bill"

The new order does not rescind existing sanctions on ousted longtime President Bashar al-Assad, his top aides, officials and family members who are accused of having committed war crimes and human rights violations against Syrian civilians.

Trump signs executive order lifting U.S. sanctions on Syria

Former criminology graduate student Bryan Kohberger has agreed to plead guilty to killing four Idaho college students in 2022, a move that would spare him the death penalty under a deal with prosecutors, ABC News reported on Monday (June 30).

Moscow

Suspect in murders of four Idaho college students to plead guilty

Thailand's Constitutional Court on Tuesday suspended Prime Minister Paetongtarn Shinawatra from duty pending a case seeking her dismissal, adding to mounting pressure on a government fighting for survival on multiple fronts.

Bangkok

Thai court suspends PM from duty pending case seeking her dismissal

Israeli strikes killed at least 60 people across Gaza on June 30 in some of the heaviest attacks in weeks as Israeli officials were due in Washington for a new ceasefire push by U.S. President Donald Trump.

Israel strikes pound Gaza, killing 60, ahead of U.S. talks

U.S. President Donald Trump says he's not planning to extend the pause on global tariffs set to expire on July 9. Brian Schwartz, reporter for the Wall Street Journal, joins CBS News to discuss.

Global Tariffs

Trump says he's not planning to extend July 9 global tariff deadline

The jury has informed the judge in Sean "Diddy" Combs' sex trafficking trial that they have concerns about one juror's ability to follow the court's instructions. Deliberations in the trial are underway.

Jury in Sean "Diddy" Combs trial sends note to judge

Jury deliberations are set to begin in the Sean "Diddy" Combs sex trafficking and racketeering trial. CBS News' Katrina Kaufman has the latest updates.

Jury deliberations set to begin in Sean "Diddy" Combs trial

U.S. President Donald Trump claimed Iran's nuclear sites were "obliterated," but the U.N.'s top nuclear inspector says the country can quickly resume uranium production.