Tesla says it has started production of a more affordable model and expects volume production in the second half of the year.
The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.
Revenue fell to $22.5 billion for the April-June quarter from $25.50 billion a year earlier. Analysts on average were expecting revenue of $22.74 billion, according to data compiled by LSEG.
Tesla reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall. William – stock.adobe.com
The company reported a second straight quarterly revenue drop despite rolling out a much-awaited refreshed version of its best-selling Model Y SUV that investors had hoped would rekindle demand.
Much of the company’s trillion dollar valuation hangs on its bet on its robotaxi