Tesla Business NewsTesla’s operating income will drop 24 percent to $2.7 billion in Q1 2023 as the Elon Musk-run EV maker continues to cut prices of its vehicles. However, total revenue rose 24 percent (year-over-year) to $23.3 billion in the first quarter due to price cuts.
Tesla shares fell 4 per cent in after-hours trading on Wednesday (April 19). In an earnings call with analysts, Musk said Tesla will begin deliveries of its long-delayed Cybertruck in the third quarter of 2023.
Musk said, “It takes time to get off the manufacturing line, and it really is a very revolutionary product. It’s not made like other cars.” He said, “One thing I can say for sure is that this is an incredible product. This is a Hall of Famer.”
In the first quarter, Tesla’s automotive revenue reached nearly $19.9 billion, an 18 percent year-over-year increase. Tesla ended the March quarter with free cash flow of $441 million, down 80 percent from the same period last year.
“As we continue to execute on innovations to reduce manufacturing and operating costs, we expect our software-related profits to accelerate alongside our hardware-related profits,” the company said.
Tesla delivered 422,875 vehicles in the first quarter.
(With IANS inputs)
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