Tesla announced on Tuesday that it had brought forward the release of new models, sending its stock up 6% in after-bell trading.
“We have updated our future vehicle lineup to accelerate the launch of new models ahead of our previously announced production start in the second half of 2025,” the company said in a filing.
“While this update may result in lower cost savings than previously anticipated, it allows us to prudently expand our vehicle fleet in a more efficient way to invest in capital during uncertain times,” Tesla said in a statement. It will become.”
Growth in global demand for electric vehicles has slowed, with sales growth lower than expected due to reduced government subsidies and high interest rates.
“Global EV sales remain under pressure as many automakers prioritize hybrids over EVs,” Tesla said in a statement.
Revenue for Elon Musk’s company fell in the first quarter as slowing global demand and intense competition meant fewer electric vehicles were delivered to customers.
The company on Tuesday reported sales of $21.3 billion for the three months ended March, compared with $23.33 billion a year earlier.
Analysts’ average estimate was $22.15 billion, according to LSEG data.
The world’s most valuable automaker posted a decline in revenue in the second quarter of 2020 as the coronavirus pandemic disrupted production and deliveries.
Net income for the first quarter was $1.13 billion (compared to $2.51 billion in the same period last year).
