It comes after revenue fell 9 per cent in the first quarter, the steepest drop since 2012.
SAN FRANCISCO - Tesla is accelerating the launch of more affordable models in a bid to arrest a deterioration in its profit margins and sales.
It missed Wall Street’s estimates for earnings, sales and margins, while warning of slow growth throughout 2024. “The EV adoption rate globally is under pressure and a lot of other auto manufactures are pulling back on EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy,” he said.
Investors had expected the company to instead focus on a new, US$25,000 model that Mr Musk had promised to go into production before the end of 2025. Tesla gave no timeline, but said it is continuing to pursue a new module-based “unboxed” manufacturing process for its promised robotaxi model. Tesla’s adjusted earnings per share came to 45 US cents in the first three months of 2024, compared with Wall Street’s expectation of 52 cents a share. Revenue fell 9 per cent to US$21.3 billion, in line with its first year-on-year drop in deliveries since 2020. That was still short of the US$22.3 billion analysts expected.
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