Tesla shared its first-quarter monetary outcomes with its stockholders on Tuesday and stated that it has sped up the launch of latest, extra reasonably priced electrical vehicles.
Tesla reported its largest income decline in 12 years, with a 9% drop from earnings final 12 months. The corporate made $21.3 billion in Q1 2024, down from $23.3 billion on the identical time final 12 months and $25.2 billion final quarter.
On a Tuesday name saying the earnings, Tesla CEO Elon Musk offset information of the decline with an replace that the corporate will begin producing new, extra reasonably priced electrical vehicles in “early 2025 if not late this 12 months.” Tesla inventory surged upon the information.
Associated: Tesla Gross sales, Deliveries Drop for First Time Since 2020
Tesla’s least expensive providing in the intervening time is its $38,990 Mannequin 3. The corporate introduced an upgraded Mannequin 3 Efficiency beginning at $52,990 forward of its earnings name on Tuesday.
Tesla Mannequin 3. Photograph Credit score: Na Bian/Bloomberg by way of Getty Photographs
The announcement accelerates the timeline to cheaper electrical autos (EVs). Tesla beforehand acknowledged that it might begin producing extra reasonably priced EVs within the second half of 2025.
In a slide deck shared with traders, Tesla acknowledged that the brand new EVs, together with the cheaper fashions, will incorporate acquainted Tesla options into a brand new, next-generation platform, however the firm’s general progress charges could possibly be “notably decrease” this 12 months in comparison with final 12 months as its groups work on it.
Musk emphasised to shareholders that Tesla is extra than simply an auto firm, arguing that it needs to be thought of extra like an AI tech firm.
“The best way to consider Tesla is nearly completely when it comes to fixing autonomy, and with the ability to activate that autonomy for a huge fleet,” Musk stated.
Tesla has a humanoid robotic in growth, Musk instructed traders, and it might be capable to assist in Tesla factories by the tip of this 12 months.
Associated: Elon Musk Reveals When Tesla Will Launch Its First Robotaxi
Earlier this month, Musk posted on X that the Tesla robotaxi, a completely autonomous, self-driving electrical automotive, will arrive this August.
Tesla additionally laid off at the least 14,000 staff final week.
