Tesla Profits Down Amid Job Losses And Delivery Issues

Tesla experienced a 55 per cent decline in profits this quarter compared to the same period last year, according to the EV company’s latest financial disclosures.

- JOSH MARCUS

During that same period, revenues fell nine per cent, to $21.3bn (£17.1bn), according to the filing yesterday. It is the largest decline in revenue the company has reported since 2012, CNBC reports.

In a summary alongside the disclosure, the company described a host of challenges in recent months. “We experienced numerous challenges in the [first quarter] from the Red Sea conflict and the arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 in Fremont,” the company wrote. “Global EV sales continue to be under pressure as many carmakers prioritise hybrids over EVs.”