Tesla shared its first-quarter financial results with shareholders on Tuesday and said it has accelerated the launch of new, more affordable electric cars.
Tesla reported Its biggest drop in revenue in 12 years, with a 9% drop in profits last year. The company earned $21.3 billion in the first quarter of 2024, up from $23.3 billion at the same time last year and $25.2 billion the previous quarter.
On Tuesday's earnings call, Tesla CEO Elon Musk offset the decline news with a Updating that the company will begin production of new, more affordable electric cars in “early 2025, if not later this year.” Tesla the stock rose after the news.
Connected: Tesla sales, deliveries fall for first time since 2020
Tesla's cheapest offer right now is $38,990 Model 3. company announced an upgraded Model 3 Performance starting at $52,990 before its earnings call on Tuesday.
Tesla Model 3. Photo Credit: Na Bian/Bloomberg via Getty Images
The announcement accelerates the timeline for cheaper electric vehicles (EVs). Tesla previously stated that it will start producing more affordable electric vehicles in the second half of 2025.
In one sliding deck shared with investors, Tesla stated that new EVs, including cheaper models, will incorporate popular Tesla features on a new next-generation platform, but the company's overall growth rates may to be “notably lower” this year compared to last year. teams work on it.
Musk emphasized to shareholders that Tesla is more than just a car company, arguing that it should be considered more of an AI technology company.
“The way to think about Tesla is almost entirely in terms of the autonomy solution and the ability to enable that autonomy for a giant fleet,” Musk said.
Tesla has one humanoid robot in development, Musk told investors, and could be able to help Tesla factories by the end of this year.
Connected: Elon Musk reveals when Tesla will launch its first robot
Earlier this month, Musk posted on X se tesla robotaxi, a fully autonomous, self-driving electric car will arrive this August.
Tesla also got laid off at least 14,000 employees last week.