Tesla revenue and profits have plunged following a rough first three months, which saw the brand and its CEO and founder Elon Musk hammered 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.
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.
The new Model Y will launch in June across the UK TESLA