Tesla reported Tuesday a net income of $1.1 billion in the first quarter of 2024, based on generally accepted accounting (GAAP) principles.
Total automotive revenues were down 13% over the same quarter last year, and total revenues were down 9% in the same period. Model 3 and Model Y production was down 2% from the first quarter of last year, and deliveries of those models were down 10 percent in the same period.
“The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on their EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy,” Elon Musk, Tesla CEO said during the earnings call Tuesday.
Production of other models, which includes the Cybertruck released this year, was up 8% over last year’s first quarter. Total production of all models was down 2% in the period. The company’s global vehicle inventory […]
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