The Texas-based firm studies income of $1.1bn within the first quarter, down from $2.51bn a 12 months in the past.
Tesla reported a 55 % drop in revenue amid fierce competitors within the electrical automobile market, however shares rallied on plans to speed up the manufacturing of extra reasonably priced fashions.
The Austin, Texas-based firm on Tuesday reported income of $1.1bn within the first quarter, down from $2.51bn a 12 months in the past.
However shares of Tesla soared by 11 % after CEO Elon Musk stated that manufacturing of latest, extra reasonably priced autos would start within the second half of subsequent 12 months “if not late this 12 months”.
The fashions “will use new points of the subsequent technology platform in addition to points of our present platform”, Musk stated on a convention name with analysts.
“So it’s not contingent on any new manufacturing unit or huge new manufacturing line.”
Musk didn’t elaborate on the brand new autos, saying extra particulars could be launched in August.
“I believe we’ve stated all we’ll on that entrance,” he stated.
Musk, who has touted autonomous robotaxis as a progress engine for the corporate for years, additionally spoke at size in regards to the promise of autonomous autos, saying Tesla “ought to be considered an AI robotics firm”.
“If any person doesn’t consider Tesla goes to resolve autonomy, I believe they shouldn’t be an investor,” he stated.
Tesla, the second-biggest producer of electrical autos after China’s BYD, has had a tough 12 months, partly as a result of provide chain disruptions attributable to Houthi assaults on transport within the Pink Sea and an arson assault by environmental activists at a manufacturing facility in Germany.
Automobile deliveries fell by 8.5 % within the first quarter and the corporate’s shares have misplaced almost half their worth since July final 12 months.
Musk earlier this month advised employees in a memo that the corporate would lay off greater than 10 % of its international workforce to be “lean, revolutionary and hungry for the subsequent progress section cycle”.