Tesla tumbles during tough times infographic
Graphic charts Tesla’s net quarterly revenue over the past 10 years.
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BUSINESS

Tesla announces cheaper car models as profits slide

By Ninian Carter

April 24, 2024 - Electric carmaker Tesla has seen its profits more than half in the first quarter of 2024, compared with 2023, as it struggles against fierce competition from Chinese manufacturers.

Tesla’s profits have more than halved in the first quarter of 2024 following months of decline that has seen the company struggle with fierce competition from China, diminishing profit margins and falling sales.

Billionaire Elon Musk’s electric vehicle manufacturer disclosed a net revenue of $1.13 billion over the first three months of the year, compared with $2.51 billion in the same period a year earlier – a fall of 55%.

News outlet Reuters claims the company has scrapped plans for an all new more affordable “Model 2” car, and will instead introduce new cheaper models by early 2025, that use its current production lines.

Earlier this month, Tesla announced it would shed 10% of its global workforce – around 14,000 jobs, starting with 6,000 redundancies in the United States.

Sources
PUBLISHED: 24/04/2024; STORY: Graphic News; PICTURES: Getty Images
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