Tesla's Performance Falls Short: What Went Wrong? Why is the Stock Up?

Tesla 1st quarter of 2024 earnings show its market value has lost money in 2024. Shares are down 40%. Tesla Q1 net income drops 55% to $1.1 billion; revenue slides 9% to $21.3 billion.Tesla reported an 8.5% fall in Q1 deliveries — its first decline since the second quarter of 2020. Tesla has relentless cuts to its sticker prices which is not helping the bottom line.

New Tesla Model 3 Performance was announced, and boasts more than 500 horsepower and a claimed 0-60 mph time of 2.9 seconds. Additional enhancements include sport seats, upgraded brakes, adaptive dampers and carbon-fiber bits. It's available to order now, with deliveries starting next month.

Overall, Tesla fell far short of expectations in its eagerly awaited earnings report Tuesday afternoon, but its stock rallied considerably as the company emphasized its pathway to sustainable growth. After hours showed an almost $20/share increase, investors like what Elon Musk had to say.

Tesla claims it will have a low-cost vehicle, whatever that means, in late 2025. Also discussion on the Robotaxi which will be shown August 8, but no other update on timing.

The limping Tesla reported its first-quarter vehicle deliveries earlier this month, coming in far below expectations as the company grapples with demand issues for electric vehicles globally, especially in China.

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Courtesy CNN International
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0:57 $25,000 car
2:03 Tesla sales
2:42 #robotaxi
5:00 Elon Musk comments