Tesla profits cut in half as demand falls | BBC News

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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[@ABanRocks]

Let be honest the cheaper model won't be ready for years. Anything Elon said is delayed by a few years. They should have focused on that instead of Cyber Truck 😮

[@anonlegion9096]

If their premium models have shitty build quality just imagine what their budget model will be like

[@ABanRocks]

@anonlegion9096 true but Elon fan boys will still buy them.

[@Steven-vo4ee]

@@anonlegion9096 Model 3 and Ys produced in Berlin and Shanghai are built to a high standard, only ones produced in the US have the notoriously poor construction.

[@Cryaboutmyhandle]

@@Steven-vo4eefalse ccp bot.

[@simulationkoyo]

Elon outsourced Cyber Truck to China apparently.

[@hdw1502]

Cyber truck was a foolish gimmick that completely failed… instead they should have build a 20k car with great range and fast charging

[@Martin-se3ij]

No gimmick, pushing the technology; drive by wire, rear wheel steering, stainless steel body, 48 volt architecture, Ethernet circuit, giga castings, structural battery pack. Not failed, puahing out 1000 a week and just starting to ramp - over two million pre orders. Say you don't like it but don't talk rubbish about it.

[@madarah8533]

​@@Martin-se3ij they already recalled all of them lol. Also 4k vehicles delivered is pitiful

[@B.D.E.]

​@@Martin-se3ijMost of those things are crap. The stainless steel body is an objectively terrible idea. The drive by steering is a failure because of how vulnerable and unreliable it is. Not to mention the new issues we hear about every day, from the terrible wheel design that cuts tyre lifespan in half, the massive body panel gaps, the extremely dangerous automatic closing parts, the way it shuts down and can't be used during an update, the way the power steering can break in heavy rain or a carwash, the accelerator pedal panel that slips off and locks the accelerator down... It's an endless disaster.

[@Ultradubmarine]

How a gimmick? They produce nearly 1000 per week with a 4 year delivery. You are watching a report on the BBC. I would carry out your own research and you will see nothing has changed, remember the car industry is only part of their business

[@Cryaboutmyhandle]

@@Martin-se3ijall trash and stuff you don’t need on that fake truck.

[@koruspring1519]

It had early player benefits but that's gone

[@irepmyselfthatsall]

i agree - i remember the free charging but yeah you’re definitely right

[@muffdiver4973]

The Titanic has hit the iceberg.

[@theobserver3753]

Yup the giant legacy automakers

[@negumanezer]

Its all over, No more electric cars.

[@Dale-11]

😂 clueless people! you wait the next few years tesla will 5x stock price easy.

[@lakeofbays1622]

@@Dale-11 Are you Elon?

[@lakeofbays1622]

@@theobserver3753 Legacy automakers will slowly phase out gas cars and will take on Tesla.

[@cardboardmark]

No money being made on hyperloop? Tesla bot? What about Tesla solar? Still no money? You gotta be making some with starlink? Cybertruck? Still no money? What happened to the great techno king?

[@mikafiltenborg7572]

Tesla Robotaxi 8 /8-2024 🚖🚖🚖🚖🚖🚖🚖🚖

[@mandelm2001]

Well let’s see: 1. Hyperloop. Has nothing to do with Tesla. This was an idea Elon open sourced and several companies tried. 2. The bot is will be used in Tesla factories starting next year and will go on sale the year after. It uses the same AI as the cars. 3. Starlink is now making SapeceX profitable. They launched 96 missions last year and plan 140 this year, and the rockets land vertically. 4. Cybertruck is a smash hit with over 2 million reservations. They can’t build them fast enough. 5. Neuralink just made a quadriplegic play chess with his thoughts, and next will make the blind see. 6. Tesla just released a new Model 3 Performance that does 0-60 in 2.9 seconds and costs $45K, and the base model is $299/month. And it it has ambient lighting, backseat video, and can fart on command. 7. FSD is no longer beta and is now in wide release. 8. The energy business is growing 100% per year and is ramping up. I can go on for a while.

[@TheSateef]

starlink is probably the only one that actually makes sense

[@kkent4174]

Vaperware!!! Looolz

[@skycloud4802]

He's not actually a good business man.

[@sciencesaves]

Doesn’t help when your ceo has fish guts for brains

[@CuddlesOG]

Built multiple $100+billion companies. Where are youre Electric Cars, robots and spaceships buddy.

[@everettbr]

@@CuddlesOG the companies were built by the people he hired. if he had more say in how they were ran, you'd have more fiascos like the cyber truck or "X"

[@DavieDavie85]

@@CuddlesOG your

[@larsg4697]

@@everettbr So bad decisions is Musks fault and good ones are he the workers?

[@agreeable-control]

@@everettbrwhat cave did you crawl out of? If one has the foresight, money and strategy to build a product that takes the world by storm and have the balls to risk it, you honestly believe that it’s the labour force that are the sole reason for that success? 🤯

[@tonymcflattie2450]

Tesla can stick the plug where the sun doesn’t shine

[@Riomojo]

They also just recalled every Cyber Truck

[@alitheonekhatarnak5163]

He talked about going to Mars years ago but didn't do anything

[@Steven-vo4ee]

The Cyber Truck will be discontinued sooner rather than later, a serious misstep for Tesla with a limited domestic market and none at all in Europe and Asia.

[@michaelfrench3396]

Yeah, the funniest part about the Cyber truck recall is we found out that there's less than 10,000 of them that were purchased. Purchased. Not exactly what I would call a hit. A 3-cylinder sewing machine under the hood

[@silverscuderia]

@@alitheonekhatarnak5163no he and his team along with NASA just created the reusable rockets that land back on the pads. I’m not Musks biggest fan but you can’t deny this, not without being blind or dumb

[@samanmudannayaka9604]

And they can't supply the demand fast enough

[@TrebleTS20]

He got too comfortable not updating the cars looks

[@catalinacurio]

People don’t want to fund a wanna be dictator…

[@xtrey19x]

Trump?

[@IDoCommentsOnYoutube]

​@@xtrey19xmusk

[@penepatitenor]

I mean, are we surprised? If you want a proper E car, go to an actual car company.

[@Ultradubmarine]

Like who?

[@weeroger7048]

Audi q 4

[@user-si8ek6zl1q]

In China, Tesla fired all college students who joined this year😅

[@michaelfrench3396]

Oh, and let's not forget that Tesla stock is ridiculously overvalued. Their market share is tiny yet they have a valuation in the billions. That is not sustainable. It is a scam

[@larsg4697]

Heard the same "wise" words for over 10 years now

[@anonlegion9096]

​@@larsg4697people also make money in Ponzi schemes for years before it collapse, doesn't make it less of a scam or more of a brilliant investment. It seems like you are just a retarded bag holder that don't deal well with actual facts😊

[@sonofsomerset1695]

Same as net zero is a scam.

[@Ex-expat]

Yepp, if they can't deliver on autonomous cars, they will dropp from the 400Busd to below 90Busd...

[@sarabeth8050]

Teslas current share price requires that the company double sales every year for the next decade. That their sales are actually plunging, requires a collapse in the share price, likely into the single digits.

[@Cryaboutmyhandle]

Because people are figuring out they bought an over priced throw away car.

[@Gumpmachine1]

Exactly, underneath all the fancy gimmicks is essentially a useless vehicle

[@Cryaboutmyhandle]

@@Gumpmachine1 they don’t offer anything that every other new car has , minus its fake autopilot. Which if you looo around isn’t great and will plow into cop cars with lights on.

[@Gumpmachine1]

@@Cryaboutmyhandle I prefer my Corolla, cheaper to buy and 5 minutes at the gas pump I have a 700km range. Don’t get that with a Tesla

[@stickleback73]

Duh! They are good for 500,000 miles plus! I think you'll find ICE vehicles are the throw away ones!!

[@Cryaboutmyhandle]

@@Gumpmachine1 yep the wife has the same ride. Been a great car for us, had a rav we put over 200k on sold and downsized a bit.

[@zacharysutton-giglia2346]

Turns out everyone is broke now. Who can afford this stuff?

[@clyde1022]

The only advantage they had was that no other big car companies was there to take the electric car market.

[@TomNook.]

Its crazy that the presenter thinks it'll be a "big hit in China" when the US government is actively restricting sales of Chinese products in their country.

[@nicoles9077]

And your point is?

[@islamicmotivationvideos295]

It Chinese cars enter the US Tesla will famish

[@user-xo9up8qx5r]

So much depressing news at the moment but this has really cheered me up, thanks

[@Lords1997]

Thats including the billions they get from “green credits”

[@ddt6003]

byd is outselling tesla everywhere except us, but only because byd does not sell in the us

[@colinrobinson4233]

BBC facing a bigger slump when people realise they don’t have to pay the fee anymore

[@Bobwilliams-tj2ou2024]

So be it. He says.

[@Erikkrols]

To many hidden agendas is always bad for stocks. Investors need clarity which is the course the ship is navigating.

[@incipidsigninsetup]

And yet the stock is up over 10%. Go figure.

[@freestylefranc2653]

track record would say why electric died in the 70's😂

[@jaym9846]

Profits down 55%. Stock up 13%. FED tigthening starting to work.

[@mr.morales0707]

If Tesla made a 20k base configuration vehicle I’m sure they’re sales are gonna go up

[@alcozar5905]

🤣🤣🤣🤣

[@maxpayne7419]

What about profits ?

[@Cryaboutmyhandle]

Not at all. Because it’s still the same throw away car.

[@jublywubly]

2:50 Tesla won't be allowed to market their vehicles like that in Australia; with the use of a "Zero Emissions" plate. That's misleading advertising, because the electricity doesn't just appear, it comes from power plants and many of those power plants are coal-powered. Also, they create greater tyre rubber pollution, due to their extra weight. (Not forgetting the rest of the pollution created with their production etc.)

[@Martin-se3ij]

How silly.

[@skullsaintdead]

@@Martin-se3ij Nah, how accurate. We value our Competition and Consumer Law (2010, Commonwealth) which was updated from the older Trade Practices Act 1974 (also Commonwealth). In Australia, we have a long history of protecting consumers and competition, so lying to your customers in advertising doesn't go over well. It's part of our culture of a 'fair go' for everyone, regardless of wealth, gender, race, upbringing etc.

[@Cryaboutmyhandle]

@@Martin-se3ijit’s facts govbot.

[@NWforager]

@@skullsaintdead didn't Australia have a big issue with their power grid and Tesla fixed it in like a few months ?

[@skullsaintdead]

@@NWforager Not that I know of. What would that have to do with competition & consumer law anyway?

[@panindonesia]

BYD cars are as good or better and can’t beat the price . Cybertruck is a failure

[@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.

[@gaborbalog8028]

Bought 1.5 tesla share early Jan since then the investment has dropped 50%

[@laple2972]

Yes 25 thousands dollars tesla .20 thousands for change the battery.

[@ralphrodriguez55]

Affordable electric cars but after that expensive repairs… you cant even diy anymore

[@OBWAT]

@01:12 "the company is anticipating lower deliveries this year compared to 2023" - Musk literally said the opposite on the call

[@Cryaboutmyhandle]

He’s said the opposite on tons of things. Yet none of it has came thru. Where are the fake swap stations? Where are the free superchargers? List goes on.

[@OBWAT]

@@Cryaboutmyhandle Those examples are wrong, but they are also irrelevant. The BBC's job is to report the news, and the news is that Tesla announced that they anticipate more deliveries in 2024 than 2023. The BBC failed at reporting the news. 1) battery swapping was never on the table for Tesla and Musk has frequently spoken about how bad of an idea it is. 2) Tesla's that were sold with free supercharging for life still get free supercharging. You can pick up an older model 3 or s or x with free supercharging. Why is it so many anti-Musk/Tesla commenters lie and mislead and have to make up false statements?

[@Cryaboutmyhandle]

@@OBWAT hahahaha dude he literally still has a video up showing it’s promise of battery swapping. Thanks govbot i didn’t read the rest of your lies.

[@Cryaboutmyhandle]

@@OBWAT it’s also fact they said they will SELL LESS cars this year than last because all of the govbots like you bought them and sales are toast.

[@OBWAT]

@@Cryaboutmyhandle It's quite pathetic how you like your own comments btw (I guess it's because no one else does). Tesla explored the option of battery swapping for a brief period before coming to the conclusion that it's not practical (as has virtually every other auto manufacturer). There was no 'promise' that battery swapping is coming to tesla vehicles. This is how R&D works. Anyhow, this comment thread is about how the BBC failed at reporting the news. You have also failed at showing that to be wrong, therefore good riddance to you!

[@ayushapoorva]

I don't think they can sell in India, something to do with manufacturing plant setup rather than importing from china giga factory.

[@mhcronje]

It was a matter of time…

[@jmcampbell]

Regardless of Tesla’s poor profits, Elon still wants his big pay 💰

[@jdelacruz6854]

So they are still making money in this environment?! Are the other car companies making money?

[@megsman4749]

Where are the fanboys?

[@Cryaboutmyhandle]

Getting owned by me in the comments.

[@alcozar5905]

🤣🤣🤣 Oh, Tesla is not printing bars of GOLD???? Tesla’s current vehicles are over priced and over hyped.

[@Martin-se3ij]

Could I suggest that on your next road trip you rent a Tesla from Hertz. You may find out what the "hype" is all about. Or take a test drive and experience fsd. And check on the price of a model Y when you take off the tax incentive and any State incentive and think what you save in running costs.

[@Cryaboutmyhandle]

@@Martin-se3ijhertz sold all its Evs because you can’t get support for them. Congrats on not knowing the industry and posting. Why do people like you even comment? Haha

[@viljamikoivunen6297]

​@@Martin-se3ijtried few Teslas already, low quality, inferior driving experience, driving on any road with corners is not fun as car handles like a boat because of its weight. Hype is just hype, Tesla is inferior product as car.

[@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.

[@acs2777]

More cheaper tesla more sells, to new customer segments , more customers to sell subscription service to as charging network owned , more FSD subscribers .. that is the strategy ! Hard to understand ? If leasing a current Tesla for 299 imagine the cheaper one

[@hugh_jasso]

FSD is a pipedream. Robotaxi's will be as effecient as the Vegas hyper loop.

[@billthecat7536]

Which is as efficient as hell, cheap and the Vegas city management love! Try again dum dum!

[@Cryaboutmyhandle]

@@billthecat7536 tell us you are a bot without saying it again.

[@IDoCommentsOnYoutube]

​@Cryaboutmyhandle oh please go cry me a river

[@gossipmongersaunt774]

Stock prices have jumped up $20 over night 🤔

[@billthecat7536]

So much FUD info! Go back and actually LISTEN to the earnings report on the 23rd! You've misrepresented everything!!

[@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

[@shintarojaucian199]

Social media kills Tesla 😁

[@retrojames4226]

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.

[@kidmohair8151]

oh poor poor Musketeer....late imperial capitalism failed you did it?

[@carlosk8103]

Tesla cars lost their "cool factor" ... people used to say "hey looks it's a Tesla" now it's " ick...... not another Tesla" Not really sure how they get it back cutting prices might bump up sales a bit but will make the over all problem worse in the long run...

[@hanifnahian]

Changpeng Zhao

[@monkeymagic4555]

Cyber Truck was the single biggest error just aliaenated the majority of NORMAL people that were into the brand......

[@Ripped-Yoda]

I don’t understand why people has to continue paying for services in your vehicle…..non sense

[@OBWAT]

They don't

[@buntyjoy1800]

So over Tesla

[@MuhammadUsman-wc7zy]

Nice 🙂

[@richieflesfadar6893]

Oooohhh what a shammmme 😞

[@Teting7484f]

Quick hire more people

[@unaeki]

When the hype dies down

[@HopeIsFleeting]

This like watching AlphaGo play Lee Sedol. The people who know what's really going on, know Tesla is winning but everyone else is clueless and thinks that Tesla is just clicking buttons.

[@chris-zd9sr]

Good

[@nicholasfrancis4011]

That's still 1.1B tho at the same time as they r building more factory's in China

[@tazp2773]

Elon damaged the brand’s image. And will continue doing so. Soon the board will have to kick him out

[@tykki-]

thank you tesla for starting the price war. you made us consumer proud. keep it up and maybe someday, just someday, i could afford a bicycle myself.

[@thelastfew9609]

STOCK: through the roof

[@hellothinker2834]

I swear the BBC is covering negativity about Tesla so much recently because they are sour about the interview with Elon Musk. The stocks up over 10% after earnings!

[@stuart2151]

I was about to say the same thing

[@user-lx4zq5xf1t]

LMAO tesla stock is detached from reality, its classic pump and dump

[@Cryaboutmyhandle]

Hahaha when the bots can’t do math Stick went from over 145 to under 135. That’s not gaining kids.

[@OBWAT]

Yes. Interesting that they don't report on Ford losing $132,000 on EVERY electric vehicle they sell! That's not newsworthy but Tesla selling slightly fewer vehicle is🤔

[@MoonDog991]

The Cyber truck is extremely ugly. The few people that have it just like it because it's "unique' but the more people that have it the less appeal it will have.

[@ncprealty3844]

BBC is so depressing, they will always spin the most negative news.

[@YUTAB-ck9rp]

I wonder if cheaper models will really work for the US market. People who would want to buy cheaper cars are most likely living in apartment and most likely don't have their own parking space and charger. So some of them might decide to try out once but after they feel the inconvenience of owning EV without your personal parking space and charger, I assume they won't buy again. I, personally, live in apartment, park on the street and would never want to buy an EV under this condition. Some may argue that we just have to build more charger for these people, but I just don't see that's really possible when this country already has huge electric grid issues and how rich people and big corporations don't really care about the lower-income people but only about making high return.... We have to wait until nuclear fusion reactor is complete and we get infinite free electricity I guess...

[@buixote]

I'd watch the Electric Viking for more accurate coverage.

[@nat9909]

The electric viking is a Tesla shill. The LAST PLACE IN THE WORLD is where you should look for advice from that guy. Thousands of people are going to lose millions of dollars because of people like him.

[@atrociousliar3314]

They will go to down much further soon as FSD is a long way off making Tesla just another car company.

[@b.7944]

Tesla stock is an enigma. Why on Earth someone buys the Tesla stock at this point I have no idea.

[@nicholashylton6857]

It's a car company masquerading as a tech company.

[@b.7944]

@@nicholashylton6857 may be. But there is definitely a delusion about this company

[@logiclust]

I wouldn’t want to be seen in one

[@dickyoong9527]

Tesla made its formal entry into Malaysia in Oct 2023 with grand fanfare and hype. My wife ordered and paid a deposit for a Model Y in early Nov 2023 and we were promised it will arrive by Chinese New Year 2024. It’s April 2024 and already waited for 6 months. Still no news or sight of the car. Tesla customer service is totally unresponsive and unable to even give a firm date on when the car will arrive. It’s ridiculous. Should have bought a BYD.

[@Cryaboutmyhandle]

More money than brains.

[@simulationkoyo]

worst customer support, they ignore every email and call for 6 months.

[@pinoyrunningpenguin]

Tesla just took your money

[@LWRC]

Long range Tesla - when will that come to market? How about charging time? I can refuel my vehicles in about 10 min! How much range can a Tesla get with only a 10 min charge???!!!! Long range - that is a complete LIE!!! 😂😂😂

[@clockwise104]

Current Tesla is the Apple iPhone gen1 .

[@MsMytube75]

Hon da, nissan, suzuki, fc here

[@mojoJojo-dheeraj]

Bring the Chinese cars now lol

[@globalcitizen7811]

It’s because people are finding out EV’s are a scam

[@YesCivic-R]

EV revolution provided a solution ( disruptor) but create a problem or more. Due to shortage of parts and skill EV labor, they are quite expensive to repair, as a result car insurance skyrocketing.

[@user-rf9cf3yh8w]

It’s not only Tesla .all tech big 7

[@anthonyhunt7313]

We like Tesla hope it continues strong. Only car I really want to buy.

[@Darren-pq5oc]

Anyone who wants a tesla probably has one,

[@paintedpony2935]

B.S. the bias is unacceptable.

[@chris.m1404]

Don't cry for me Elon Musk

[@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

[@khoa2610]

they keep talking about telsa's competitors and more choices out there... what competitor? what choices?? if you want an EV right now tesla is the #1 choice and it's not even close. The range, the price, the supercharger network, etc... no other "competitor" even comes close. I don't know where all this blind hatred of tesla comes from... it's the best commuter vehicle. No gas and no maintenance. I charge at home overnight. These news outlets have no idea what they're talking about.

[@AnotherMartinez]

Now do an interview on VW and Mercedes electric cars business

[@ronaldmurray7746]

Best news I've heard about kreepy elons company yet

[@HzHz]

My son in law works for the waterboard they changed their cars to Tesla's he absolutely hates it.

[@TpriestJr]

Tesla was a big gimmick for its stock. Now they’re having trouble just like rivian

[@ghostm4390]

Nobody wants to buy unreliable golf carts with hideous bodykits ? Shocker ...

[@user-sl8xb6hj9k]

Tesla is easily the most overvalued stock ever.

[@Irishstew6969]

This aged well 😂😅

[@paulreed2204]

Who really wants self driving????

[@sonofsomerset1695]

The same idiots that want EV's.

[@Martin-se3ij]

Blind people, drunk people, tired people, distracted people, old people, too young to drive people, people with disabilities, anxious people, people who can't afford current taxi fares - life isn't just about you.

[@sevena.channel]

​@@Martin-se3ijlol all the people you listed *shouldn't* be driving, period! 🤡

[@simulationkoyo]

im not putting my life in the hands of some corporate junk

[@jrr2479]

When it works, if it's priced right, why would I not let the car drive so I can focus on something else instead of staring at the ass of the car in front of me if I have to physically go in a car somewhere?

[@franki3Ru550]

They had this back in 2018 lol they cut 9% of its employees. Nothing new

[@CalvinMorris-cf8jk]

what are we going to do when the well runs dry when the well runs dry when the well runs dry.

[@silverscuderia]

go to hydrogen or start using synthetic oil

[@MadBrit26]

All electrics are simply too expensive and they still haven';t answered the battery recycling question and cost of replacement.

[@sleekitwan]

Despite comparisons to ‘scams’ and ‘pump & dump’, Tesla remains a going concern with a product everyone is eventually migrating to, and the only reliable electric charging network in the world. It has literally set the standard in that latter regard, others are coming on board, if that was all they did, it’d be a decent company. They are also manufacturing innovators, their complex but very compact and reliable central valve unit, heat pump heating for cabins, and 3-D ‘splatter’ method of producing a casting that’s very lightweight and eliminates bolting-together of multiple components, are all examples of this. They have an actual real product, and the truth is, if Elon Musk stuck with the car company, he’d have been better off literally. But with big positions come big opportunities for mistakes, and if Musk had already done his biggest accomplishments, he’d be an exceptional business person. A real company, with a real product, and all it has to do now to generate masses of extra orders, is raid the Model 3 parts bin, and produce a new smaller platform to fit these onto! They’re fine.

[@zw246]

Remember when idiots said he was going to make twitter better and the only thing that's different is the name lol