Tesla announced the first quarter of the year financial statementfrom which it can be seen that the profitability of the electric car manufacturer fell more than twice in 12 months.
Thus, the company’s net profit at the end of the quarter was 1.13 billion. euros, i.e. 55% lower than in 2023. in the first quarter. And the operating margin decreased from 11.4% to 5.5%.
The company notes that profitability has declined primarily due to lower production, sales and selling prices of electric vehicles.
At the beginning of April, Tesla announced that at the end of the quarter, the assembly line managed to produce 433,400 vehicles. of cars and delivered to customers 386.8 thousand. cars. Thus, these numbers decreased by 1.6% and 8.5%, respectively.
And it was the first such case for the company since 2020. As a result, the company’s income decreased by 9 percent.
The start of the “Cybertruck” pickup truck was also unsuccessful for the Tesla company. Last week the newspaper “The Wall Street Journal” reported late pickup deliveries, and then the company canceled all 3.9 thousand selling Cybertruck due to accelerator defect.
Since the beginning of the year, Tesla shares have fallen by more than 40 percent due to increasing competition in the market and declining profitability of the company.
However, after the announcement of the financial results, the manufacturer’s shares rose more than 10 percent in over-the-counter trading.
This was caused by Elon Musk’s statement that in 2025 in the beginning, the company intends to fundamentally update its car line.
A budget electric car should also appear among the new models.
Earlier, the company announced that it would start producing a more affordable electric car no earlier than 2025. on the other side.
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