Tesla reported a 9 per cent decline in first-quarter revenue and a continued erosion of its profit margins amid a sharp fall in the sale of its vehicles.
The disappointing earnings come at a turbulent time for chief executive Elon Musk. Tesla shares had plunged more than 40 per cent since the start of the year after warning of slowing vehicle deliveries, a potential move of its incorporation to Texas from Delaware and revealing plans to cut more than 10 per cent of its workforce — at least 14,000 jobs.
The company also pledged to “accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025″, including more “more affordable” cars. --Copyright The Financial Times Limited 2024Wall Street recovery drives rise in global shares ahead of earnings reportsDutch academic fired by UCC after struggling to find housing awarded €300,000