HomeEconomyTesla's revenue fell 55%

Tesla’s revenue fell 55%

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Elon Musk’s company said first-quarter sales were down 8.5% from a year earlier.

US electric vehicle Tesla’s net income in the first three months fell 55% to $1.1 billion compared to the first quarter of 2023. Revenue fell 9% to $21.3 billion. This was stated in the press release about the company’s quarterly financial results.

Net income fell to $1.13 billion in the first quarter, down from $2.5 billion in the same period in 2023.

Tesla’s revenue fell to $21.3 billion from $23.33 billion in the first quarter last year (analysts forecast $22.2 billion).

Such a decline is considered inevitable after Tesla said first-quarter sales were down 8.5% from a year earlier. In addition, the company announced a plan to lay off more than 10% of its workforce, which amounts to nearly 14 thousand people worldwide.

Recall that Tesla sales fell for the first time in four years. The most recent sales decline occurred in 2020, when the COVID-19 pandemic forced Tesla to halt production.

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Source: korrespondent

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