Tesla profits plunge as it grapples with slumping electric vehicle sales [CBS News]
Tesla, Inc. (TSLA)
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Source: CBS News
The automaker's first-quarter profit plummeted 55% as falling global sales and price cuts sliced into the EV maker's revenue and earnings. The company said Tuesday it made $1.13 billion in profit from January through March, compared with $2.51 billion in the same period a year ago. Revenue was $21.3 billion, down 9% from last year, the company said. Tesla executives blamed the dip partly on EV sales being "under pressure as many carmakers prioritize hybrids over EVs." Company officials said phasing in an updated version of the Model 3 sedan at its Fremont, California, factory and plant shutdowns due to shipping diversions in the Red Sea also played a role in the quarterly earnings. The weak earnings report landed on the same day Tesla announced it plans to lay off nearly 2,700 workers at its factory in Austin, Texas. The layoffs will happen during a two-week period starting June 14, according to a layoff notice . Tesla said last week that it's of its roughly 140,000 workers globa
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TSLA
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- 4/23/24 - Beat
TSLA
Sec Filings
- 5/3/24 - Form DEFA14A
- 4/30/24 - Form PX14A6G
- 4/29/24 - Form DEFA14A
- TSLA's page on the SEC website