2024-04-23 21:11:15
Tesla suffered a sharp drop in net profit in the first quarter (-55% year-on-year), which was marked by “many challenges” around the world while sales of electric vehicles continued to be “under pressure”. The group announced this on Tuesday.
In the first three months of the year, the electric vehicle specialist posted revenue of $21.30 billion, down 9% year-on-year, and net profit fell to $1.30 billion.
Reported per share and excluding exceptional items – the market’s preferred data – net profit came in at 45 cents. Analysts’ consensus had expected 49 cents. “We suffered many challenges in the first quarter,” Tesla noted in its press release, citing the problems with sea transportation in the Red Sea – due to attacks by the Houthis – or the sabotage that closed the factory in Germany.
The group also insisted that global sales of electric vehicles continued “to be under pressure as many manufacturers prioritize hybrids over electrics.” Tesla says it invested $2.8 billion in the first quarter in its artificial intelligence infrastructure, manufacturing capacity, Supercharger network and new manufacturing infrastructure.
New models
“The future is not only electric, it is also autonomous,” he noted. To explain the quarterly underperformance, Tesla explained that it was “between two major development waves”.
That outlook led to an 8.59% jump in shares in electronic trading following the New York Stock Exchange closed. The second should be based on advances in autonomy and the launch of new models – including “cheaper” ones – earlier than expected. A production launch was previously expected in the second half of 2025.
Cyber truck
As a result, it expects volume growth in 2024 to be “significantly lower” than in 2023. The manufacturer disappointed markets in early April by announcing that it had delivered fewer vehicles than a year earlier and, above all, well below analysts’ expectations. Production also disappointed, with a decline of 8.5% over one year.
On Tuesday, it provided for the first time data on the latest addition to the range: the futuristic Cybertruck pickup, the first examples of which were delivered in early December, four years following its presentation. According to the release, more than a thousand were produced in a single week in April.
Last week, the group had to recall nearly 3,900 for a problem with the accelerator pedal sticking. This was then the only clue to the number in circulation. The goal of Elon Musk, head of Tesla, is to reach an annual production rate of “a quarter of a million”, “during 2025”. The order book passed one million in November.
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