Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would move up production of new
by TOM KRISHER and DAVID HAMILTON AP Business WritersFILE - The logo for the Tesla Supercharger station is seen in Buford, Ga, April 22, 2021. Faced with falling global sales and a tumbling stock price, Tesla has slashed prices again on some of its electric vehicles and its "Full Self Driving" system. Tesla releases first-quarter earnings Tuesday, April 23, 2024.
The smaller models, which apparently include the Model 2 small car for the masses that is expected to cost around $25,000, will use new generation vehicle underpinnings and some features of current models. The company said it would be built on the same manufacturing lines as current vehicles. Previously there had been reports of a new factory in Mexico.
Tesla reported that first-quarter revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles. Tesla also blamed an arson attack at its German plant and factory downtime as it switched factories to an updated version of the Model 3 sedan.Excluding one-time items such as stock-based compensation, Tesla made 45 cents per share, falling short of analyst estimates of 49 cents, according to FactSet.
Musk has been touting the robotaxi as a growth catalyst for Tesla since the hardware for it went on sale late in 2015. He has called the system “Full Self Driving,” even though the company says on its website that it can't drive itself and humans must be ready to take control at all times. “We retain some level of skepticism on Tesla's growth prospects, but also see opportunities as the company will unveil future growth drivers in the coming months,” Murphy wrote, adding that he maintains a neutral rating on the stock.
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