Tesla released a financial report for the first quarter of 2024: profits fell 55%, revenue decreased 9%, and development costs increased 44%. The company attributed the results to “many challenges” it faced earlier in the year.
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Tesla’s profits fell 55% to $1.13 billion in the first quarter of 2024 compared to the same period last year. The company’s revenue amounted to -21.3 billion dollars, 9% less than in the first quarter of 2023.
The manufacturer’s report also indicates that the company delivered 386.8 thousand vehicles in the first quarter. This is 20% less than in the last quarter of 2023.
The company explained the drop in sales due to the conflict in the Red Sea, a fire at the Tesla plant in Berlin, as well as increased competition in the electric car market and “pressure” from hybrids.
Previously, Tesla laid off 14 thousand people due to falling sales. More than 10% of company staff worldwide were laid off. The company also recalled 3,800 Cybertrucks shipped due to pedaling issues.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
