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Tesla shared its first-quarter monetary outcomes with its stockholders on Tuesday and stated that it has sped up the launch of recent, extra inexpensive electrical vehicles.
Tesla reported its greatest income decline in 12 years, with a 9% drop from earnings final yr. The corporate made $21.3 billion in Q1 2024, down from $23.3 billion on the identical time final yr 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 inexpensive electrical vehicles in “early 2025 if not late this yr.” 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. Picture Credit score: Na Bian/Bloomberg by way of Getty Pictures
The announcement accelerates the timeline to cheaper electrical autos (EVs). Tesla beforehand said that it might begin producing extra inexpensive EVs within the second half of 2025.
In a slide deck shared with traders, Tesla said 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 total progress charges might be “notably decrease” this yr in comparison with final yr as its groups work on it.
Musk emphasised to shareholders that Tesla is extra than simply an auto firm, arguing that it ought to be thought-about extra like an AI tech firm.
“The way in which to think about Tesla is nearly fully by way of fixing autonomy, and having the ability to activate that autonomy for a huge fleet,” Musk stated.
Tesla has a humanoid robotic in improvement, Musk instructed traders, and it may have the ability to assist in Tesla factories by the tip of this yr.
Associated: Elon Musk Reveals When Tesla Will Launch Its First Robotaxi
Earlier this month, Musk posted on X that the Tesla robotaxi, a totally autonomous, self-driving electrical automotive, will arrive this August.
Tesla additionally laid off at the very least 14,000 staff final week.
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