Tesla's revenue and profit tumbled in the first quarter, but the company promised to speed up the development of new vehicles as it encounters stiff headwinds in the EV space.
By the numbers: The company reported revenue of $21.3 billion and net income of $1.13 billion in the first quarter, down 9% and 55% from the same period a year earlier.
Between the lines: In an earnings presentation, Tesla acknowledged "numerous challenges," including logistical hurdles in producing and delivering the recently refreshed Model 3 sedan.
The company said it is "expanding vehicle financing programs," including "attractive leasing terms," after vehicle deliveries fell 8.5% in the first quarter, compared with a year earlier.
Yes, but: After a recent Reuters report that the company had canceled the development of an affordable vehicle dubbed the Model 2 — a report CEO Elon Musk denied — Tesla today said it's moving faster on new vehicles.
"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," Tesla said.
These new vehicles, it said, include "more affordable models."
Tesla's share price was up over 11% in after-hours trading.
What we're watching: Musk will address investors, analysts and media during an earnings call at 5:30pm ET.
