Tesla stock jumps after Q1 results

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On April 23, after the US market close, Tesla revealed the company's quarterly financial results. In general, the firm announced worse than expected results, but announced future plans that could save the company.

The company has reported the biggest revenue decline since 2012. Moreover, the financial results are below the lowest of market expectations. The markets expected earnings per share to be at $0.492. Actual EPS were $0.45. Total revenue was estimated at $22.22 billion, but actual revenues were $21.30.

However, the stock had already plummeted almost 40% during 2024. The market already knew that demand for electric vehicles had declined. Moreover, Tesla has been losing its market share to competition from China, Germany and Vietnam. The stock price had been declining due to these aspects.

After announcing the abysmal financial results, the firm's representatives stated future plans. Tesla is committed to companywide cost reductions. The reductions include firing employees, cancelling the new Model 2. Although, the top reason for the surge was that the company intends to introduce new cheaper vehicle models in early 2025. The firm intends to offer a new $25,000 car model. The production of the new vehicles would use already existing production lines.
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