The drop in profits is explained by fierce competition in the electric car market and a decrease in demand.
Meanwhile, the automaker’s revenue fell 9% to $21.3 billion in the quarter, the first drop in nearly four years.
Tesla delivered about 387,000 cars last quarter, down 8.5% year-on-year and down 20% from the last three months of last year.
At the same time, the head of “Tesla” Elon Musk said that the launch of new and cheaper models on the market will be accelerated. Musk indicated that production of these models will begin in early 2025 or late 2024, not in the second half of 2025, as previously expected.
However, he refused to provide detailed information, saying that he will present more about these plans in August.
As reported, the company announced last week that it will eliminate more than 10% of its jobs worldwide, which will help save more than a billion dollars a year.
