Tesla will release first-quarter earnings after hours

Tesla The company is scheduled to report first-quarter earnings later Tuesday.

According to the London Stock Exchange (LSEG), analysts expect the following:

• Earnings per share: 51 cents
• Income: $22.15 billion

Wall Street expects revenue to fall 5.1% from $23.33 billion a year ago, marking the first year-over-year sales decline in 2020 since the Covid-19 pandemic disrupted production.

Tesla shares have fallen 42% this year amid concerns about poor deliveries, competition from China and the company’s continued price cuts. Earlier this month, Tesla reported an 8.5% year-over-year increase in vehicle deliveries for the first quarter

Elon Musk’s electric vehicle companies currently face stiff competition globally, and there is still demand for all-electric vehicles, but sales growth in the segment has slowed. Tesla and major rivals have been slashing electric car prices for months to boost demand.

Tesla began a massive restructuring this month with the resignations of two top executives, Drew Baglino and Rohan Patel. Musk said in a company-wide memo last week that the automaker would cut more than 10% of its global workforce.

The layoffs and resignations follow a Reuters report that Tesla will build low-cost electric vehicles in the near future and focus instead on autonomous driving technology. Although Musk initially scoffed at the report, he later posted on social media site X that Tesla would “fight tooth and nail to achieve self-driving.”

Musk promised investors and customers a self-driving car for years but never delivered.

He now says he will unveil August 8, 2024, Tesla robot taxi. An unveiling event does not necessarily mean that the car is ready for production. For example, Tesla first unveiled a new version of the Roadster in December 2017, but has not yet produced the car.

Shareholders submitted questions for Tesla executives to answer and voted on before Tuesday’s call. The opinion letter includes updates on “a realistic timetable for the rollout of a revenue-generating robo-taxi network” as well as “affordable next-generation vehicles”.

A live broadcast earnings conference call set for 5:30 p.m.

Watch: Musk was right about electric cars, but that doesn’t mean he’s going to do it now