Washington, April 24, 2024 – U.S. electric car maker Tesla reported its first quarterly revenue decline in nearly four years, as sales fell 9% year-on-year to $21.3 billion (€19.96 billion) in the first quarter, the company said on Tuesday.
Net income attributable to common stockholders plunged 55% to $1.13 billion in the first quarter. Tesla had already announced in early April that it delivered about 387,000 vehicles to customers in the three months to the end of March. This represents a year-on-year decline of 8.5% and a drop of 20% compared to the last quarter of 2023. Among other things, the automaker pointed out that it had to temporarily suspend production at its only European factory in Grünheide near Berlin in March due to an attack on power lines by left-wing radicals.
Tesla has not yet given a specific forecast for deliveries for the current year, but said it expects a significant slowdown in growth compared to last year. Tesla is facing increasing pressure from China, the world’s largest car market, where local automakers are producing cheaper models. CEO Elon Musk announced last week that Tesla will lay off more than 10% of its workforce worldwide.
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Additional information:
- Tesla reports its quarterly results on its investor relations website.
- The company’s stock is traded on the Nasdaq stock exchange under the ticker symbol TSLA.
- Tesla is a leading manufacturer of electric vehicles, batteries, and solar panels.
