Tesla Faces Revenue Decline and Intense Competition in First Quarter
Tuesday, 23 April 2024, 22:33
Tesla Revenue Decline
Tesla saw a 9 percent year-over-year decline in first-quarter revenue, attributing it to falling sales and mounting competition. The company reduced the prices of popular models like Model X, Model Y, and Model S after facing a significant drop in sales.
Challenges and Responses
- Vehicle Deliveries: Down 8.5 percent compared to last year, resulting in 386,810 deliveries in Q1 2024.
- Factors Affecting Revenue: Recent shipping challenges, factory incidents, and production issues with Model 3.
- Cost-Cutting Measures: Announcement of 10% workforce reduction and stock price decline of over 40% since the year began.
The company, under the leadership of CEO Elon Musk, aims for a lean structure and innovation to navigate the competitive landscape and drive future growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.