Tesla has announced its balance sheet for the first quarter of this year.
According to this, the company’s revenue decreased by 9 percent to $21.3 billion in the first quarter of the year compared to the same period last year. Tesla had generated $23.3 billion in revenue in the first quarter of 2023.
The company’s revenue declined during the period due to increased competition and a slowdown in demand for electric vehicles, falling below market expectations.
The net profit of the electric car manufacturer also dropped by 55 percent to $1.1 billion in the first quarter of the year compared to the same period last year. Tesla’s net profit was $2.5 billion in the same period last year.
DECREASE IN PRODUCTION AND DELIVERY
While Tesla produced 433,371 cars globally in the first quarter of 2024, it delivered 386,810 vehicles.
The company’s vehicle production decreased by 2 percent on an annual basis during this period, and the number of vehicles delivered decreased by 9 percent.
According to a statement from Tesla, global electric vehicle sales continue to be under pressure due to many automakers prioritizing hybrids over electric vehicles.
The statement noted that the company invested $2.8 billion in the first quarter for future growth, including its artificial intelligence infrastructure, production capacity, charging network, and new product infrastructure, and also recently conducted cost-cutting efforts to improve operational efficiency.
The statement also said, “Ultimately, we are focusing on profitable growth, including leveraging existing factories and production lines to offer new and more affordable products.” Tesla’s statement emphasized that the future is not only electric but also autonomous.
