On April 24th, Tesla disclosed its first quarter report. Tesla achieved a revenue of $21.3 billion in the first quarter, a year-on-year decrease of 9% and a month on month decrease of 15.4%. The net profit (GAAP) was 1.129 billion yuan, a year-on-year decrease of 55%.
The total gross profit was 3.696 billion US dollars, a decrease of 18% from 4.511 billion US dollars in the same period last year; The total gross profit margin was 17.4%, a decrease of 1.9 percentage points from 19.3% in the same period last year.
Source: Tesla Financial Report
Tesla stated that the decline in first quarter performance was mainly due to a decrease in vehicle delivery, partly due to the Model 3 update at the Fremont factory and production interruptions at the Berlin factory.
Tesla produced 433000 vehicles and delivered 387000 vehicles in the first quarter. Production and delivery data have both decreased month on month and year-on-year. The production in the first quarter decreased by 12.5% month on month and nearly 2% year-on-year; The delivery volume decreased by 20% month on month and 8.5% year-on-year.
Tesla announced that it will accelerate the production of low-priced models. Tesla CEO Musk stated in a performance conference call that even lower priced models will begin production in early 2025, even if not later this year. Affected by this news, Tesla's post market stock price rose by over 10%.
At the same time, Tesla's US official website has launched a new high-performance version of the Model 3 to cope with weak market demand.