The first quarter of 2024 did not go particularly well for Tesla, as the company’s quarterly figures now show. But Elon Musk is trying to reassure investors with new promises.
It was one of the worst quarterly results Tesla has posted in a long time. The e-car manufacturer had to announce a slump in sales of 21.3 billion US dollars for the first quarter of 2024.
With this drop of nine percent compared to the same quarter of the previous year, Elon Musk’s company even undercut the already critical expectations once again.
Tesla was also unable to make its investors feel positive about its operating result. The company recorded a drop of 56 percent from 2.6 to 1.2 billion US dollars.
But Elon Musk would not be Elon Musk if he did not have a direct solution to these problematic figures. The Tesla CEO has tried to reassure his investors with a new promise.
How Tesla should get out of the poor quarterly figures
Since the beginning of the year, Tesla shares have been on a real downward spiral. However, this is not the only thing that is currently causing the e-car manufacturer problems. The poor delivery figures, the recall of around 4,000 Cybertrucks and the dismissal of almost ten percent of the workforce worldwide are also weighing on the company.
Investors are therefore likely to be all the more annoyed by the quarterly figures that have now been announced. Elon Musk, however, is trying to appease them with a new promise.
The e-car manufacturer now wants to bring its cheaper electric cars onto the market sooner than originally planned. However, Musk did not reveal how much cheaper these models would be compared to those currently available.
There was also no information about the planned market launch. However, this did not seem to bother investors, as Tesla shares recovered a little after the announcement and were up 13% in after-hours trading.
Elon Musk wants to make Tesla more competitive
During the announcement of the quarterly figures, Musk explained how he wants to make his company more competitive in the future. “If you have a great product at a great price, sales will be great,” said the Tesla boss in the earnings call.
Tesla is planning to make its cars and prices more competitive. Production of the more affordable Tesla models is set to begin at the end of the year or early 2025. Originally, the start was planned for the second half of 2025.
However, there will probably not be any new Gigafactories for the cheaper models. This is because the new models are to be produced on the existing production lines.
