Tesla shared its first-quarter financial results with its stockholders on Tuesday and said that it has sped up the launch of new, more affordable electric cars.
Tesla reported its biggest revenue decline in 12 years, with a 9% drop from earnings last year. The company made $21.3 billion in Q1 2024, down from $23.3 billion at the same time last year and $25.2 billion last quarter.
On a Tuesday call announcing the earnings, Tesla CEO Elon Musk offset news of the decline with an update that the company will start producing new, more affordable electric cars in “early 2025 if not late this year.” Tesla stock surged upon the news.
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