Tesla’s 2024 Q1 financial report announced: revenue declines, low-priced model production on the agenda

News on April 24, Tesla disclosed its financial report for the first quarter of 2024 today.

Reports show that Tesla achieved revenue of US$21.301 billion during this quarter, a 9% decrease compared to the same period last year. The figure was slightly lower than the $22.3 billion forecast by market analysts. At the same time, the company's net profit was US$1.129 billion, a sharp decline of 55% year-on-year.

Tesla has had huge success in vehicle sales. In the first quarter, 386,800 vehicles were delivered globally, significantly lower than the market’s previous expectations of approximately 430,000 vehicles. Compared with the same period last year, delivery volume fell by 8.3%, and compared with the previous quarter, it fell sharply by 20.1%. This is Tesla's first year-on-year decline in deliveries since 2020.

In order to alleviate the pressure of declining sales, Tesla has recently implemented a 10% layoff plan globally to further optimize operating costs.

Tesla has recently made price adjustments for its models, especially in the Chinese market, where the prices of all models have been reduced by 14,000 yuan. After the adjustment, the starting price of Tesla Model 3 dropped to 231,900 yuan, becoming the lowest price in the global market.

According to the editor’s understanding, Tesla encountered many challenges in the first quarter and predicted that total deliveries this year may be lower than last year. At the same time, the company also expects sales growth to "decline significantly" in 2024.

None of the current data has met expectations, but Musk brought exciting news to investors: Tesla plans to launch a new car in the future, if not later this year, then in early 2025. Started producing low-priced models.

Stimulated by this good news, Tesla's stock price rose by more than 10% in after-hours trading.

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