Tesla 1Q profit falls 55%, but stock jumps as company moves to speed production of cheaper vehicles

FILE – The logo for the Tesla Supercharger station is seen in Buford, Ga, April 22, 2021. Faced with falling global sales and a tumbling stock price, Tesla has slashed prices again on some of its electric vehicles and its “Full Self Driving” system. Tesla releases first-quarter earnings Tuesday, April 23, 2024.

On a conference call with analysts, CEO Elon Musk said he expects production to start in the second half of next year “if not late this year.”“This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times,” the investor letter said.

But if sales fall again in the second quarter, the guidance will go out the window and concerns will return, he said. Musk has been touting the robotaxi as a growth catalyst for Tesla since the hardware for it went on sale late in 2015. Jamal Murray issues warning after Nuggets storm past Lakers in Game 1: “We’ll all shoot better next game”

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Tesla 1Q profit falls 55%, stock jumps as company speeds production of cheaper vehiclesTesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would move up production of new
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