According to Tesla, their first-quarter earnings dropped significantly to $1.13 billion (£910 million) from $2.51 billion in 2023.
The profitability of Tesla has decreased by over 50%.It ends a challenging time for the manufacturer of electric vehicles (EVs), which has announced thousands of job losses in response to declining sales.
CEO Elon Musk told investors that new models would be introduced and expressed his continued optimism for the company’s future.
Although experts say it still faces substantial hurdles, especially from lower-cost rivals, its share price has increased.
Tesla fires almost 10% of its employees
However, Tesla’s decision to delay the release of new models until the second half of 2025 increased the value of its shares by around 12.5% during after-hours trading.