Tesla has begun production of a more affordable model and anticipates volume production in the latter half of the year. The company experienced a 12% decrease in quarterly revenue, totaling $22.5 billion, attributed to increased competition from cheaper electric vehicles. Despite launching a refreshed Model Y SUV, revenue continued to decline. Investor concerns are heightened regarding CEO Elon Musk's focus on Tesla amid political developments and high-profile executive departures. The company's future valuation is closely tied to the success of its robotaxi service and humanoid robot development.
Tesla has started production of a more affordable model and expects volume production in the second half of the year.
The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles.
Much of the company's trillion dollar valuation hangs on its bet on its robotaxi service.
Investors are worried about whether Musk will be able to give enough time and attention to Tesla after he locked horns with President Donald Trump.
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