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First quarter 2024 earnings report for Tesla (TSLA)

Heading into the first quarter of 2024, Tesla is set to report its earnings after the bell on Tuesday. Analysts are expecting earnings per share of 51 cents and revenue of $22.15 billion. Wall Street projections indicate a 5.1% drop in revenue compared to the previous year, marking the first year-over-year sales decline since the disruptions caused by the Covid-19 pandemic in 2020.

Throughout this year, Tesla’s shares have experienced a 42% decline due to concerns regarding delivery performance, increased competition in China, and the company’s ongoing price reductions. In the first quarter, Tesla reported an 8.5% decrease in vehicle deliveries year-over-year, reflecting the challenges faced in the current market environment.

Despite the tough competition in the electric vehicle segment, Tesla and its key rivals continue to adjust their pricing strategies to stimulate demand. The company recently underwent a significant restructuring with the resignation of two key executives, Drew Baglino and Rohan Patel. CEO Elon Musk confirmed a reduction of over 10% in the global workforce, signaling a period of change and adaptation for the automaker.

There have been recent reports suggesting Tesla’s shift in focus from a low-cost electric car to self-driving technology. Musk’s ambitions for autonomy have long been anticipated by investors and customers, with promises of a self-driving vehicle for years. The unveiling of a Tesla robotaxi is scheduled for August 8, 2024, although past unveiling events have not always translated into immediate production.

As shareholders eagerly anticipate the earnings call, questions have been submitted and voted on for Tesla executives to address. Topics include a realistic timeline for the launch of a revenue-generating robotaxi network and updates on a more affordable next-generation vehicle. The livestream of the earnings call is set for 5:30 p.m. ET, offering insights into Tesla’s performance and future plans.

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