Tesla said Tuesday it had pulled forward the launch of new models, sending its shares up 6% in trading after the bell.
“We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025,” the company said in a filing.
“This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times,” Tesla said.
Global growth in demand for electric vehicles has eased, with sales expanding at lower-than-expected rates due to reductions in state subsidies and high interest rates.
“Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs,” Tesla said.
The Elon Musk-led firm’s revenue fell in the first quarter as it handed over fewer electric vehicles to customers due to slowing demand and intense competition worldwide.
The company on Tuesday reported revenue of $21.3 billion for the three months ended March, compared with $23.33 billion a year earlier.
Analysts on average had estimated $22.15 billion, according to LSEG data.
The world’s most valuable automaker recorded a fall in revenue in the second quarter of 2020, when the COVID-19 pandemic hampered production and deliveries.
Net profit in the first quarter stood at $1.13 billion, compared with $2.51 billion, a year earlier.
