Tesla's profits fell 55 percent in the first quarter

US electric car manufacturer Tesla's net profit fell by 55 percent in the first quarter of this year compared to the same period last year due to falling sales and price cuts globally. Tesla announced its balance sheet for the first quarter of this year. Accordingly, the company's revenue decreased by 9 percent in the first quarter of the year compared to the same period last year, falling to $21.3 billion. Tesla had earned $23.3 billion in revenue in the first quarter of 2023. The company's revenue, which decreased due to increased competition and slowing demand for electric vehicles, remained below market expectations in the period in question. The electric car manufacturer's net profit also fell by 55 percent in the first quarter of the year compared to the same period last year, falling to $1.1 billion. Tesla's net profit was $2.5 billion in the same period last year. Decline in production and deliveries Tesla produced 433,371 cars globally in the first quarter of 2024, while delivering 386,810 vehicles. The company's vehicle production decreased by 2 percent annually during this period, and the number of vehicles delivered decreased by 9 percent. Tesla's statement indicated that global electric vehicle sales continue to be under pressure due to many automakers prioritizing hybrids over electric vehicles. The statement noted that the company invested in future growth with a capital expenditure of $2.8 billion in the first quarter, including artificial intelligence infrastructure, production capacity, charging network and new product infrastructure, and that it has recently carried out cost reduction work to increase operational efficiency. The statement assessed, "Ultimately, we focus on profitable growth, including utilizing existing factories and production lines to offer new and more affordable products." Tesla's statement emphasized that the future is not only electric, but also autonomous.