Tesla vehicles sit on the lot of a Tesla dealership on April 15, 2024 in Austin, Texas.
Brandon Bell | Getty Images
You’re here is expected to report its first-quarter results after the bell Tuesday.
Here’s what analysts expect, according to LSEG:
- Earnings per share: 51 cents
- Income: $22.15 billion
Wall Street expects revenue to fall 5.1% from $23.33 billion a year earlier, which would mark the first year-over-year sales decline since 2020, when the Covid pandemic disrupted production.
Tesla shares have fallen 42% this year on concerns about weak deliveries, competition in China and the company’s ongoing price cuts. Earlier this month, Tesla reported an 8.5% year-over-year decline in vehicle deliveries for the first quarter.
Elon Musk’s electric vehicle company now faces increased competition globally, with fully electric cars still in demand but sales growth in this segment slowing. Tesla and its main competitors have been cutting electric vehicle prices on and off for months to try to stimulate demand.
Tesla embarked on a massive restructuring this month with the resignation of two executives, Drew Baglino and Rohan Patel. Musk said in a company-wide memo last week that the automaker was cutting more than 10% of its global workforce.
The layoffs and resignations follow a Reuters report that Tesla would abandon plans to make a low-cost electric car in the near future and instead focus on self-driving technology. While Musk initially balked at the report, he later said in an article on X that Tesla would go “to the wall for autonomy.”
Musk has been promising investors and customers an autonomous vehicle for years, but he has never delivered on his promises.
He now says there will be an unveiling of a Tesla robotaxi on August 8, 2024. Unveiling events do not mean a vehicle is ready for production. For example, Tesla first revealed a new version of its Roadster in December 2017 and has yet to produce the car.
Shareholders submitted and voted on questions for Tesla executives to answer before Tuesday’s call. The submissions included a request for a “realistic timetable for launching a revenue-generating robotaxi network” and an update on progress on a “lower-cost next-generation vehicle.”
A live broadcast of the earnings call is scheduled for 5:30 p.m. ET.
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