Tesla revenue and profits have plunged following a rough first three months, which saw the brand and its founder, Elon Musk, targeted with protests and calls for boycotts.
According to the Tesla financial summary, its automotive revenues fell 20 per cent year-on-year, dropping from $17.3billion (£12.9billion) to just $13.9billion (£10.4billion).
Total revenues dropped by nine per cent from $21.3billion (£15.9billion) to just $19.3billion (£14.4billion). Its net income slumped to $409million (£307million) - a staggering drop of 71 per cent.
Total production dropped by 16 per cent between Q1 last year and this year, with a 16 per cent drop for Model 3 and Y production, and an 18 per cent fall for the production of other models, including the Model S, X and Cybertruck.
Do you have a story you'd like to share? Get in touch by emailingmotoring@gbnews.uk
Tesla has seen revenue plummet in the first quarter of 2025 amid criticism of Elon Musk
REUTERS
In the first quarter of 2025, Tesla produced over 362,000 vehicles, with the vast majority of these being Model 3s and Model Ys, while it delivered 336,000 vehicles.
Tesla noted that it had lost several weeks of production in Q1 because of a changeover of Model Y lines across all four of its factories.
The report stated: "Uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers.
"This dynamic, along with changing political sentiment, could have a meaningful impact on demand for our products in the near-term."
Tesla's European operations, headquartered in the Giga Berlin factory, saw the 500,000th Model Y built, while it plans to expand further into the Middle East in the coming years.
The Model 3, Model Y and Cybertruck will launch in Saudi Arabia in the coming months, with the Kingdom becoming the first market outside North America to receive the Cybertruck.
The financial report also stated that Tesla would continue to prepare for the launch of Supervised Full Self-Driving technology in Europe this year, pending regulatory approval.
The electric vehicle manufacturer added: "It is difficult to measure the impacts of shifting global trade policy on the automotive and energy supply chains, our cost structure and demand for durable goods and related services.
Prior to the financial statement, Tesla stock prices rose more than one per cent, although some analysts suggest the price could fall tomorrow.
On a global scale, the plan for more affordable Tesla models "remains on track" for the start of production in the first half of 2025.
These vehicles will utilise aspects of the next-generation platform and will be produced on the same manufacturing lines as the current lineup of vehicles.
The report also provided a huge update on the Cybercab robotaxi, with it scheduled for volume production starting in 2026, after Elon Musk debuted the vehicle at a glitzy Hollywood event late last year alongside the Optimus humanoid robot.
LATEST DEVELOPMENTS:
- Motorist slapped with 18 driving fines worth up to £2,070 despite being exempt from road rules
- Labour to require all departments to have fully electric car fleets by 2027 in bid to ditch petrol and diesel
- Millions of drivers risk £10k fine for ignoring £94 car repair which can cause 'much more serious' issues
The new Model Y will launch in June across the UK TESLAElon Musk has dealt with a large amount of scrutiny since the inauguration of US President Donald Trump, given his overwhelming support for the Republican Party through political donations and his involvement with the Department of Government Efficiency (DOGE).
His work as head of DOGE has spawned protests across the United States over his decisions to cut funding from key services, with this action spreading around the world and sparking the formation of the Tesla Takedown movement.
Protests are now seen on a regular basis in the United States, Canada, Germany, France and the UK. In response to the growing number of violent attacks on Tesla models, showrooms and Superchargers, Musk has dubbed these protesters as "domestic terrorists".
President Donald Trump and US Attorney General Pam Bondi have called for law changes to designate violent Tesla protesters as terrorists, with a minimum jail sentence of 20 years for those committing acts of vandalism against Tesla and its related infrastructure.
