AUSTIN, Texas, April 30, 2024 – Tesla’s net income plummeted 55% in the first quarter of 2024 compared to the same period last year, according to the company’s earnings report released Tuesday, April 23.1
The electric vehicle (EV) maker reported profits of $1.13 billion, down from $2.51 billion in Q1 2023.
Despite the significant drop in profits, Tesla’s stock price surged in after-hours trading.
Investors appeared to react positively to the company’s announcement that it would accelerate production of new, more affordable vehicles.
The success of Tesla’s new, lower-priced vehicles remains to be seen.
Despite reporting a $1.13 billion profit, down from $2.51 billion a year ago, Tesla’s shares rose over 11%.
Revenue for Q1 was $21.3 billion, a 9% decline attributed to increased competition and slowing EV demand.
Tesla also faced challenges from an arson attack at its German plant and factory downtime. Excluding one-time items, Tesla earned 45 cents per share, missing analyst estimates.
The company’s gross profit margin fell to 17.4%, compared to 19.3% a year ago.
- bostonherald.com: https://www.bostonherald.com/2024/04/22/tesla-1q-profit-falls-55-but-stock-jumps-as-company-moves-to-speed-production-of-cheaper-vehicles/[↩]
