Tesla Q1 results: Net profit drops 55% to $1.13 billion
Wed, Apr 24, 2024 10:02 AM

Tesla Q1 results: Net profit drops 55% to $1.13 billion

A Flip by Shubhangi Gupta
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Tesla reported a sharp drop in quarterly profits, while its revenue fell for the first time since 2020, but Tesla share price rallied after its CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla’s net profit in the first quarter ended March 2024 stood at $1.13 billion, falling 55% from $2.51 billion a year earlier amid an increasingly cutthroat electric vehicle (EV) market.

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