2024-04-23 23:40:47
Tesla has announced an earlier launch of new models, pleasing investors despite a decline in sales. Production originally planned for the second half of 2025 will be brought forward to the beginning of 2025 or even to the end of 2024, said Tesla boss Elon Musk on Tuesday. “This update might result in a smaller cost reduction than originally expected,” the company said. Tesla shares rose eleven percent following trading.
Sales in the first quarter were 21.3 billion dollars (approx. 19.9 billion euros) following 23.33 billion in the same quarter of the previous year. Analysts had expected 22.15 billion. Net profit to the end of March amounted to 1.13 billion dollars following 2.51 billion a year ago. The eagerly anticipated gross margin fell to 17.4 percent. However, according to data from Visible Alpha, analysts had only expected 15.2 percent compared to 19 percent in the same period last year.
Tesla provided little information regarding the planned new cars. This would include “more affordable models,” it said. They should be manufactured using existing equipment and adopt aspects of current models. A price was not mentioned. CEO Elon Musk said in January that production of a more cost-effective model should begin in Texas in mid-2025. Investors assumed that this vehicle, commonly known as the Model 2, would cost $25,000. The Reuters news agency reported on April 5th that Tesla had abandoned such plans. Musk then spoke of a lie on his short message service X.
According to further information from Reuters, a robotaxi will be built on the compact car platform. On Tuesday, without specifying a date, it was said that a “custom-made robotaxi product” would be created that would be manufactured using a revolutionary manufacturing process. Some experts consider the robotaxi to be an unrealistic undertaking following General Motors subsidiary Cruise stopped operating its automated driving service due to technical problems. Others are convinced it might be the next big thing and bring in big profits.
The market for electric cars is currently weakening worldwide. Tesla said many automakers are focusing on hybrids. In addition, competition has increased, for example from the Chinese provider BYD and the growing range of electric cars from established manufacturers such as VW. Tesla is trying to counteract this by cutting prices. The price war started by the US group in 2023 has been dampening profits for a long time. Tesla is also responding by cutting staff. More than ten percent of the total of around 140,000 jobs are expected to be eliminated worldwide. In Germany, Tesla wants to cut around 400 jobs at the Grünheide plant through a volunteer program.
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