The Texas-based firm stories income of $1.1bn within the first quarter, down from $2.51bn a 12 months in the past.
Tesla reported a 55 % drop in revenue amid fierce competitors within the electrical automobile market, however shares rallied on plans to speed up the manufacturing of extra reasonably priced fashions.
The Austin, Texas-based firm on Tuesday reported income of $1.1bn within the first quarter, down from $2.51bn a 12 months in the past.
However shares of Tesla soared by 11 % after CEO Elon Musk stated that manufacturing of latest, extra reasonably priced automobiles would start within the second half of subsequent 12 months “if not late this 12 months”.
The fashions “will use new elements of the subsequent era platform in addition to elements of our present platform”, Musk stated on a convention name with analysts.
“So it’s not contingent on any new manufacturing facility or large new manufacturing line.”
Musk didn’t elaborate on the brand new automobiles, saying extra particulars can be launched in August.
“I believe we’ve stated all we are going to on that entrance,” he stated.
Musk, who has touted autonomous robotaxis as a progress engine for the corporate for years, additionally spoke at size concerning the promise of autonomous automobiles, saying Tesla “must be regarded as an AI robotics firm”.
“If any individual doesn’t imagine Tesla goes to unravel autonomy, I believe they shouldn’t be an investor,” he stated.
Tesla, the second-biggest producer of electrical automobiles after China’s BYD, has had a tough 12 months, partly resulting from provide chain disruptions brought on by Houthi assaults on transport within the Purple Sea and an arson assault by environmental activists at a manufacturing facility in Germany.
Car deliveries fell by 8.5 % within the first quarter and the corporate’s shares have misplaced almost half their worth since July final 12 months.
Musk earlier this month instructed workers in a memo that the firm would lay off greater than 10 % of its international workforce to be “lean, revolutionary and hungry for the subsequent progress section cycle”.
