tesla

In the first quarter, the quarterly profit of the American electric vehicle manufacturer Tesla fell by 55 percent compared to the same period last year, but the share price rose by more than 10 percent after the company’s announcement to accelerate the production of more affordable models.

Tesla’s after-tax profit fell to $1.1 billion in the first three months from $2.51 billion a year earlier. Meanwhile, its revenue fell 9 percent from $23.33 billion to $21.3 billion, marking the first drop in four years. In the average of analysts’ expectations, revenue of $22.15 billion was included. Tesla recently announced that the number of vehicles it delivered was 386.8 thousand in the quarter, which is 20.2 percent less than the last quarter of last year and 8.5 percent less than a year earlier. . Despite unfavorable quarterly data, Tesla shares rose 11 percent in after-hours electronic trading in New York on Tuesday after CEO Elon Musk announced that production of the new, more affordable vehicles would begin in the second half of next year, “if not this year.” at the end of the year”, explained the telegraph office.

Elon Musk promised more details about this in August, who just said that the new models will be made on the same production lines as the current ones. Elon Musk also said that he expects Tesla to sell more vehicles this year than last year’s 1.8 million.