It’s been a tough start to the year for Tesla, with CEO Elon Musk spending much of his time to involve in the politics. Also sweeping tariffs plan has led to concerns that costs will increase for parts and materials crucial for electric vehicle production, including manufacturing equipment, automotive glass, printed circuit boards and battery cells.
The negative spillover effect has reflected in the revenue of Tesla. Tesla reported a miss on the top and bottom lines in its Q1 earnings report on Tuesday as automotive revenue plunged 20% from a year earlier.
Here are the key numbers of revenue for Q1. Earnings per share: 27 cents adjusted vs. 39 cents estimated Revenue: $19.34 billion vs. $21.11 billion estimated Total revenue slid 9% from $21.3 billion a year earlier. Automotive revenue dropped 20% to $14 billion from $17.4 billion in the same period last year.
Tesla said the main reason for the decline was the need to update lines at its four vehicle factories to start making a refreshed version of its popular Model Y SUV. The company also pointed to lower average selling prices and sales incentives as a drag on revenue and profit.
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