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04/23/2024 – 17:58
Tesla recorded net profit of US$1.1 billion in the first quarter of 2024, a 55% drop compared to the same period last year. The number was lower than expected by FactSet analysts, who expected profits of around US$1.7 billion.
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Adjusted earnings per share, however, were US$0.45, below the forecast of US$0.49, having fallen 42% compared to the same period in 2023.
The revenue of the world’s most valuable automaker rose US$21.3 billion, falling 9% year-on-year. Deliveries recorded in the period were 386 thousand, below the projection of 411 thousand.
Even with the negative numbers, Tesla shares rose 6.44% in New York after hours, around 5:30 pm (Brasília time).
On balance, Elon Musk’s company also announced plans to accelerate the launch of vehicles before the previous forecast for the second half of 2025.
Among the new vehicles are low-cost models, which may be produced on the same production lines as the current line of vehicles.
According to Tesla, this measure will bring production growth of more than 50% compared to 2023.
*With information from Dow Jones Newswires
