On April 23, after the U.S. stock market closed, Tesla released its financial report for the first quarter of 2024. The report showed that Tesla's revenue for the first quarter decreased by 9% to $21.3 billion, which was below the market expectation of $22.3 billion. This marks the first year-over-year decline in nearly four years since the second quarter of 2020, when the COVID-19 pandemic disrupted operations. It is also the largest drop since 2012, representing a more than 15% sequential decline from the $25.17 billion reported in the last quarter of the previous year.

Net profit fell by 55% to $1.13 billion, compared to the market expectation of $1.9 billion. The company reiterated its pessimistic forecast for "lower" vehicle sales growth this year but stated it would accelerate the launch of cheaper new models and increase investment in AI. Additionally, Tesla's official website shows that a new high-performance version of the compact sedan Model 3 has been launched in the United States, priced at $52,990. Tesla’s stock rose by 10% in after-hours trading.