Tesla reported a Q1 net income of $1.1 billion, down 55% from the year prior
Tesla reported the lowest first-quarter (Q1) revenue in four years, which fell to $21.3 billion, compared with $23.3 billion from the same period a year ago.
It saw a Q1 net income of $1.1 billion, down 55% from the year prior.
The most valuable EV company’s profits are at their lowest in six years.
During an earnings call, CEO Elon Musk emphasized the company’s commitment to rolling out its affordable EV line and told investors the EV maker will be accelerating its launch. He further highlighted the importance of achieving autonomy.
Musk revealed plans for a robotaxi model and ride-hailing network, with a possible unveiling of the “Cybercab” in August.
The company’s stock saw a 10% increase in after-hours trading yesterday.
Analysts are adjusting growth expectations, with Tesla warning of potentially lower growth in 2024 compared to previous years.
Tesla faces challenges such as falling vehicle sales, cooling demand for electric vehicles, and skepticism from investors regarding its focus on autonomous driving.