Tesla reports $1.1 billion net income in the first quarter of 2024, remains committed to EVs

Tesla reported Tuesday a net income of $1.1 billion in the first quarter of 2024, based on generally accepted accounting (GAAP) principles.

Total automotive revenues were down 13% over the same quarter last year, and total revenues were down 9% in the same period. Model 3 and Model Y production was down 2% from the first quarter of last year, and deliveries of those models were down 10 percent in the same period.

“The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on their EVs and pursuing plug-in hybrids instead.  We believe this is not the right strategy,” Elon Musk, Tesla CEO said during the earnings call Tuesday.

Production of other models, which includes the Cybertruck released this year, was up 8% over last year’s first quarter. Total production of all models was down 2% in the period. The company’s global vehicle inventory was up 87% over the first quarter of 2023, based on 28 days of supply in the first quarter of this year.

Musk spoke positively of the future of the company’s autonomous — meaning self-driving — artificial intelligence systems.

“In the future gasoline, gasoline cars that are not autonomous will be like riding a horse or using a flipbook,” Musk said.

In a statement, the company said it had experienced a number of challenges in the quarter, including an arson attack at the company's Gigafactory in Berlin, Germany, and the Red Sea conflict.