Tesla reports 9 percent dip in first quarter revenue
Tesla saw a 9 percent year-over-year decline in first-quarter revenue, the electric vehicle (EV) company said Tuesday.
The drop in revenue, Tesla’s largest since 2012, comes as the EV firm faces falling sales and growing competition.
Tesla slashed the price of three of its best-selling vehicles — the Model X, Model Y and Model S — by $2000 each on Friday, just weeks after reporting a significant dip in first-quarter sales.
Vehicle deliveries were down 8.5 percent compared to last year, falling from 423,000 in the first quarter of 2023 to 386,810 in the same three-month period of 2024.
The EV company has blamed declining sales and revenues on recent shipping difficulties in the Red Sea, an arson attack on a German factory, and the ramp-up of production of its updated Model 3 at a California factory.
Tesla also announced plans last week to cut 10 percent of its workforce, or about 14,000 employees, which CEO Elon Musk argued would “enable us to be lean, innovative and hungry for the next growth phase cycle.”
Since the start of the year, the company’s stock price has fallen by more than 40 percent.
However, Tesla’s stock jumped in after-hours trading Tuesday, after announcing plans to move up the timeline on production of new vehicles, including more affordable models.
Date: | |
Tag: | Tesla |
Filter
-
SocGen defends risk controls after unauthorised trading incident
French bank reports smaller than expected drop in profit after strong performance in equities tradingFinancial Times - Business -
Societe Generale Shares Climb on Above-Forecast First Quarter
Societe Generale’s results were better than expected at the revenue and underlying profit levels and showed early recovery signs in French retail banking, analysts said.The Wall Street Journal - World -
Wegovy maker Novo Nordisk extends losses following first-quarter results
Analysts pored over the details in its first-quarter results and monitored a potential rival weight loss treatment.CNBC - Business -
Apple's revenue declined for the fifth time in the past six quarters, dragged down by ailing iPhone sales and new competition from smartphone rivals in China.
Apple’s revenue declined for the fifth time in the past six quarters, dragged down by ailing iPhone sales and new competition from smartphone rivals in China.The Wall Street Journal - World
More from The Hill
-
Hope Hicks offers dramatic testimony in Trump trial: 5 takeaways
Former President Trump’s trial closed out the week in dramatic style as former aide Hope Hicks took the stand. Hicks, who served as press secretary in the early, ramshackle days of Trump’s first campaign for the presidency, went on to become his ...The Hill - Politics - Donald Trump -
International court pushes back on 'threats' as it weighs Israel-Hamas arrests
The International Criminal Court (ICC) pushed back against “threats” Friday as it faces intense pressure following reports of possible arrest warrants for Israeli and Hamas officials over their conduct in the Oct. 7 attack and war in Gaza that has ...The Hill - Politics - Israel -
Biden adds carveout to EV credit restrictions
Welcome to The Hill's Energy & Environment newsletter {beacon} Energy & Environment Energy & Environment The Big Story Biden issues flexible guidance for EV components The Biden administration granted leeway for qualifying for electric vehicle ...The Hill - Politics - Joe Biden -
Biden awards Medal of Freedom to 19 recipients, including Pelosi, Clyburn
President Biden on Friday awarded the Medal of Freedom to 19 recipients, including top longtime Democratic congressional leaders, calling them “an incredible group of people.” “Nineteen incredible people whose relentless curiosity, inventiveness, ...The Hill - Politics - Joe Biden -
Iowa will face lawsuit if it acts on immigration law, DOJ warns
The Department of Justice (DOJ) warned Iowa on Friday that the state will face a lawsuit if it implements an immigration law that forbids people from being in the state if they were previously denied entry into the United States. The DOJ informed ...The Hill - Politics