Tesla has reported a fall in quarterly revenue for the first time since 2020 as it delivered fewer electric vehicles to customers due to slowing demand and intense competition worldwide.
The world’s most valuable carmaker, which was founded by engineers Martin Eberhard and Marc Tarpenning in 2003, said revenue in the first three months of the year was $21.3 billion, compared with $23.33 billion in the same period a year ago and the worst decline since 2012.
The last time Tesla recorded a revenue fall was in the second quarter of 2020, when the Covid-19 pandemic hampered production and deliveries. Net income dropped to $1.13 billion from $7.93 billion a year ago.
Elon Musk said he hated making job cuts, but they were necessary
MARIO ANZUONI/REUTERS
Tesla, led by Elon Musk, said it had brought forward the launch of
