Jan. 21-27, 2026
AP mobile scroll: a selection of standout vertical images published by The Associated Press in the past week.
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FILE - Paris Hilton poses for pictures following a news conference promoting the passage of the DEFIANCE Act at the Capitol, Thursday, Jan. 22, 2026, in Washington. (AP Photo/Allison Robbert, File)
FILE - Mourners carry the body of Abd Shaat, one of the three Palestinian journalists who were killed in an Israeli strike on an Egyptian committee's vehicle, during his funeral in Khan Younis, southern Gaza Strip, Jan. 22, 2026. (AP Photo/Abdel Kareem Hana, File)
FILE - Folk artist take some rest beside Indian state of Maharashtra tableaux during a press preview ahead of Republic Day celebrations on Jan. 26, in New Delhi, India, Thursday, Jan. 22, 2026. (AP Photo/Manish Swarup, File)
FILE - A couple holds hands as they walk across the Brooklyn Bridge as it snows on Sunday, Jan. 25, 2026, in New York. (AP Photo/Alyssa Goodman, File)
FILE - Models wear creations as part of the Comme des Garcons Fall/Winter 2026-2027 Men's collection presented in Paris, Friday, Jan. 23, 2026. (AP Photo/Aurelien Morissard, File)
FILE - A large gathering of Hindu devotees is seen on Basant Panchami, the day which marks the advent of spring, at the confluence of rivers Ganges and Yamuna during the annual fair of Magh Mela in Prayagraj, India, Jan. 23, 2026. (AP Photo/Rajesh Kumar Singh, File)
FILE - Holocaust survivor Stanislaw Zalewski walks in the Auschwitz Nazi death camp museum during a ceremony marking the 81th anniversary of the camp's liberation in Oswiecim, Poland, Tuesday, Jan. 27, 2026. (AP Photo/Beata Zawrzel, File)
FILE - Jessica Pegula of the U.S. serves against her compatriot Madison Keys during their fourth round match at the Australian Open tennis championship in Melbourne, Australia, Monday, Jan. 26, 2026. (AP Photo/Asanka Brendon Ratnayake, File)
FILE - EDS NOTE: OBSCENITY - People protest against ICE (Immigration and Customs Enforcement) in downtown Minneapolis, Sunday, Jan. 25, 2026. (AP Photo/Adam Gray, File)
FILE - A model wears a creation as part of the Stephane Rolland Spring/Summer 2026 Haute Couture collection presented in Paris, Tuesday, Jan. 27, 2026. (AP Photo/Aurelien Morissard, File)
This is a photo gallery curated by AP photo editors.
FILE - Paris Hilton poses for pictures following a news conference promoting the passage of the DEFIANCE Act at the Capitol, Thursday, Jan. 22, 2026, in Washington. (AP Photo/Allison Robbert, File)
FILE - Mourners carry the body of Abd Shaat, one of the three Palestinian journalists who were killed in an Israeli strike on an Egyptian committee's vehicle, during his funeral in Khan Younis, southern Gaza Strip, Jan. 22, 2026. (AP Photo/Abdel Kareem Hana, File)
FILE - Folk artist take some rest beside Indian state of Maharashtra tableaux during a press preview ahead of Republic Day celebrations on Jan. 26, in New Delhi, India, Thursday, Jan. 22, 2026. (AP Photo/Manish Swarup, File)
FILE - A couple holds hands as they walk across the Brooklyn Bridge as it snows on Sunday, Jan. 25, 2026, in New York. (AP Photo/Alyssa Goodman, File)
FILE - Models wear creations as part of the Comme des Garcons Fall/Winter 2026-2027 Men's collection presented in Paris, Friday, Jan. 23, 2026. (AP Photo/Aurelien Morissard, File)
FILE - A large gathering of Hindu devotees is seen on Basant Panchami, the day which marks the advent of spring, at the confluence of rivers Ganges and Yamuna during the annual fair of Magh Mela in Prayagraj, India, Jan. 23, 2026. (AP Photo/Rajesh Kumar Singh, File)
FILE - Holocaust survivor Stanislaw Zalewski walks in the Auschwitz Nazi death camp museum during a ceremony marking the 81th anniversary of the camp's liberation in Oswiecim, Poland, Tuesday, Jan. 27, 2026. (AP Photo/Beata Zawrzel, File)
FILE - Jessica Pegula of the U.S. serves against her compatriot Madison Keys during their fourth round match at the Australian Open tennis championship in Melbourne, Australia, Monday, Jan. 26, 2026. (AP Photo/Asanka Brendon Ratnayake, File)
FILE - EDS NOTE: OBSCENITY - People protest against ICE (Immigration and Customs Enforcement) in downtown Minneapolis, Sunday, Jan. 25, 2026. (AP Photo/Adam Gray, File)
FILE - A model wears a creation as part of the Stephane Rolland Spring/Summer 2026 Haute Couture collection presented in Paris, Tuesday, Jan. 27, 2026. (AP Photo/Aurelien Morissard, File)
NEW YORK (AP) — Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk's promise to remain laser-focused on the company after a foray into U.S politics.
Still, Tesla investors have kept the faith in Musk. The stock is up 9% in the past year.
Musk has been urging investors to focus less on car sales and more on what he considers a bright new future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents. Investors and analysts expect to hear more from Musk on those plans in a conference call later Wednesday.
For the fourth quarter of last year, Tesla's net income also plunged, down 61% to $840 million, or 24 cents. Excluding one-time charges, net income totaled 50 cents per share, compared to analysts' forecasts of 45 cents.
“They’ve got aging product that is less and less competitive as others manufacturers come out with new models, then there is the general brand destruction," said Telemetry analyst Sam Abuelsamid. "Musk‘s involvement in politics has turned off customers.”
One bright point was Tesla's gross profit margins, which leapt to 20% last quarter from 16% a year ago.
One reason the stock has held up is that Musk is newly focused on the company after spending early last year as head of a government cost-cutting team in Washington. But it's not clear his attention will remain as undivided in the new year. He has plans to take his rocket company SpaceX public, possibly in June, in what many expect to be a blockbuster IPO that make him the world’s first trillionaire — but also possibly distract him.
The latest Tesla figures are a setback for a company that had promised so much a year ago.
After President Donald Trump was elected, investors pushed up the stock on a bet that his advisory role in the new administration would help the company. Instead it backfired. Customers angry with his work for Trump and his right-wing political stances boycotted the brand.
Musk had also promised a year ago that European regulators would approve its partial self-driving software within three months, a potential big boost to Tesla sales there. But that didn’t happen either.
And investors were also excited about Teslas robotaxi service promising rides without anyone driving the car. But instead they got cars with supervisors inside to grab the controls in case something went wrong, though on this count there may be progress. Tesla recently said it was removing these safety drivers in Austin where it launched the service in June and has vowed to aggressively expand into other cities in the coming year.
For some on Wall Street that is enough to get excited about the company, and keep pushing the stock up.
Dan Ives of Wedbush Securities, one of Wall Street’s most bullish analysts, expects robotaxis will be in more than 30 cities by the end of this year, and that Tesla will capture 70% of the global market for self-driving cars in a decade.
Others are also excited about Tesla energy storage business, which posted strong numbers last quarter with revenues surging 25% to $3.8 billion. Tesla is benefiting for massive demand as datacenters sucking up energy are being built out around the U.S.
Elon Musk attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Thursday, Jan. 22, 2026. (AP Photo/Markus Schreiber)