• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Earnings

Tesla’s Q1 Profits Drop By Over 50% Compared To Last Year’s

Olagoke Ajibola by Olagoke Ajibola
April 26, 2024
in Earnings
Share on FacebookShare on Twitter

Tesla profits slump by more than a half

Records have revealed Tesla’s first-quarter profits took a significant hit, hitting about $1.13 billion compared to $2.51 billion in the same period last year. This decline underscores a challenging phase for the electric vehicle (EV) manufacturer marked by dwindling sales and the announcement of substantial job cuts. Despite these setbacks, CEO Elon Musk remains positive pledging to accelerate the launch of new models to revitalize the company’s prospects.

While Tesla’s share price has experienced a boost, analysts caution that formidable challenges persist, particularly from lower-cost competitors and waning demand. The company’s struggles have been exacerbated by increased competition from cheaper Chinese imports, resulting in a 43% stock price decline in 2024.

Although first-quarter revenues fell short of analysts’ expectations at $21.3 billion, Tesla’s decision to expedite the launch of new models in 2025 prompted a nearly 12.5% surge in after-hours trading. However, pricing details for these upcoming EVs remain undisclosed.

Musk has also emphasized Tesla’s AI capabilities and ambitions for self-driving technology, asserting that the company transcends the confines of a conventional car manufacturer. Despite his conviction, analysts remain sceptical, citing various technological and regulatory hurdles associated with autonomous vehicles.

Furthermore, some investors advocate for Tesla to prioritize releasing a more affordable, mass-market EV. In response, Tesla has slashed prices in several markets to attract new customers amidst declining sales. The company attributes its sales woes to broader industry trends, with many automakers prioritizing hybrid vehicles over EVs.

 

Tesla: EV giant cuts prices in major markets as sales fall

Despite plans to introduce new models ahead of schedule, Tesla is streamlining its workforce, with layoffs affecting over 6,000 employees in California, Texas, and New York. Musk has downplayed these job cuts, highlighting Tesla’s overall contribution to job creation.

However, Tesla faces additional challenges, including ongoing disputes over Musk’s compensation package and a proposed relocation of the company from Delaware to Texas. These developments underscore the complexities and uncertainties surrounding Tesla’s future trajectory amidst a rapidly evolving automotive landscape.

Related Posts:

  • TESLA-1280×720-1-990×557
    Price Of Tesla’s Full-Self Driving Software Again Increases
  • facebook-work-0
    Not Too Long After Elon Musk Warned Of Job Cuts,…
  • Tesla To Cut 10 Percent Of Jobs As Economic…
  • TESLA-1280×720-1-990×557
    Tesla Made The Most Money In 2022, But Its Future…
  • arenaev_001
    Tesla Cybertruck Mass Production Won’t Start Until 2024
  • Tesla's Q1 2023 Earnings Numbers Are Out
  • elon-musk-diw
    Elon Musk Reportedly Diverts Tesla's $50M Worth AI…
  • d4b47cb4e17a610695c33cf8b1116b3b08cd289a
    Musk Calls Remote Work Morally Wrong "Bullshit"

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: EVMusksharestesla
Olagoke Ajibola

Olagoke Ajibola

Olagoke Ajibola is a creative writer and content producer with an eye for details and excellence. He has a demonstrated history of telling stories for TV, Film and Online. Aside from being fascinated by the power of imagination, his other interest are travel, sport, reading and meeting people.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025
    • Future Telecom Trends Are Being Shaped by the AI–5G Convergence May 24, 2025
    • WhatsApp Adds Encrypted Voice Chat to All Groups May 24, 2025
    • DOJ Reportedly Investigates Google’s Character.AI Partnership May 23, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    May 24, 2025
    Mozilla To Shut Down Pocket To Concentrate On Firefox

    Mozilla To Shut Down Pocket To Concentrate On Firefox

    May 24, 2025
    OpenAI Upgrades Operator Agent’s AI Model

    OpenAI Upgrades Operator Agent’s AI Model

    May 24, 2025
    Future Telecom Trends Are Being Shaped by the AI–5G Convergence

    Future Telecom Trends Are Being Shaped by the AI–5G Convergence

    May 24, 2025
    WhatsApp Adds Encrypted Voice Chat to All Groups

    WhatsApp Adds Encrypted Voice Chat to All Groups

    May 24, 2025
    DOJ Reportedly Investigates Google’s Character.AI Partnership

    DOJ Reportedly Investigates Google’s Character.AI Partnership

    May 23, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok