Tesla Calls Itself an AI, Robotics Company as Profits Plunge 55%

There was nothing electric about electric vehicle (EV) maker Tesla’s latest financial results.The company reported its first quarter 2024 earnings results Tuesday (April 23), disclosing a 55% drop in profits when compared to the same period last year.“We experienced numerous challenges in Q1, from the Red Sea conflict and the arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 in Fremont. Excluding Cybertruck and unscheduled downtime, our COGS [cost of goods sold] per unit decline ...