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Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.
The electric vehicle maker said on Tuesday it had made $1.13bn (£910m) over the first three months of the year, compared with $2.51bn a year earlier.
Tesla, owned and run by the billionaire Elon Musk, said it would axe more than 6,000 jobs at its sites in Texas and California.
The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.
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Tesla's robotaxi push hinges on 'black box' AI gamble
Tesla aims to stun investors Thursday night with its long-awaited “robotaxi unveil," a potential milestone after a decade of Elon Musk’s unfulfilled promises to deliver self-driving vehicles.
The automaker is widely expected to showcase a prototype called the "Cybercab" rather than a road-ready driverless taxi.
Convincing regulators and passengers of the vehicle’s safety could prove much harder and take much longer — while its main competitors, such as Alphabet’s Waymo, expand robotaxi fleets they're already operating in select cities today.
Tesla has to date pursued a different technological path than all of its major self-driving rivals – one with potentially higher rewards but also higher risks to both its business and its passengers, according to Reuters interviews with more than a dozen executives, consultants and academics specializing in self-driving technology and three former Tesla autonomous-vehicle engineers.
Tesla's strategy relies solely on a combination of “computer vision,” which aims to use cameras the way humans use eyes, with an artificial-intelligence technology called end-to-end machine learning that instantly translates the images into driving decisions.
@nexusdues3028
Ugly car
@boots_on_the_grounds_of_war
He has never set up a company. Every company he's owned has been ran into the ground. He uses his multiple companies to shift money around. He is falling, and I expect he will end up among Holmes, SBF and Bernie.
@hypehype1463
It was only doing well because it was first. Now the other companies have caught up and are putting out cheaper products, the Tesla is an even bigger joke.
@MsMytube75
Hon da, nissan, suzuki, fc here
@TimBorg
Boycott Tesla and all USA Brands
@Irishstew6969
This aged well 😂😅
@nicholasfrancis4011
That's still 1.1B tho at the same time as they r building more factory's in China
@mustakimm.a.7320
Don't buy them until they really make it affordable, its the only way they would listen when it hits their bottom line
@Mark-k3b9q
Tesla is easily the most overvalued stock ever.
@mojoJojo-dheeraj
Bring the Chinese cars now lol
@Chris.Davies
And yet Elon Musk is pushing to be paid a 56 BILLION dollar bonus.
That equates to over $10,000 for every single vehicle Tesla has ever sold.
Tesla will be bankrupt in 4 years, and Musk will be in prison 3 years later.
@DaxVJacobson
ford sold 24,165 F-150 Lightning electric pickups in 2023, oh wait, no they did not SELL them, they shipped them to DEALERS where they remain to this day, Tesla has sold through to customers almost 4,000 cyber trucks so far
@Anthony-dj4nd
I thought musk was supposed to be a genuis?
@robertwhiteley-yv1sy
Economy would have been ok if somebody didn’t shut it down for years.
@learnprogress6618
We all know in U.K. that we can never trust the BBC for HONESTY , ask anyone, another vehicle like Ford who get free money help from us British tax payers , U.K. gives 0 for ev help to buy like all other countries , only byd is ok and tes, bbc is crap who likes to jail anyone not pay their tv license , others like Netflix just simply turn ur signal off , bbc stinks
@ralphrodriguez55
Affordable electric cars but after that expensive repairs… you cant even diy anymore
@Aamirvellamunda
Bbc
@gaborbalog8028
Bought 1.5 tesla share early Jan since then the investment has dropped 50%
@monkeymagic4555
Cyber Truck was the single biggest error just aliaenated the majority of NORMAL people that were into the brand……
@Quick-n-eg쿠이크앤이지
Hyundai and KIA EVs are better designed and more comfortable. I am not surprised that people will get tired of monodesign monopoly. I predict Tesla will become a thing of the past in 5 to 10 years. It is a one man show, and it takes more than a dream of one man to make a car company a success. Besides, Elon is not getting any younger.
@SecwetGwiwer
Nobody wants to buy into the electric car scam.
@CutePanties-mp5xs
Hahaha!!!