Elon Musk tells investors that cheaper Tesla electric cars should arrive sooner than expected

You're here sharing It is first quarter financial results with It is shareholders on Tuesday And said that he has accelerated up THE launch of new, more affordable electric cars.

You're here reported It is the biggest income decline In 12 years, with A 9% drop Since earnings last year. THE business do $21.3 billion In T1 2024, down Since $23.3 billion has THE even time last year And $25.2 billion last quarter.

On A Tuesday call announcing THE earnings, You're here CEO Elon Musk compensate for news of THE decline with A update that THE business will to start produce new, more affordable electric cars In "early 2025 if not late This year." You're here action jumped on THE news.

Related: You're here Sales, Deliveries Drop For First of all Time From 2020

You're here the cheapest offer has THE moment East It is $38,990 Model 3. THE business announcement A upgraded Model 3 Performance departure has $52,990 in front of It is earnings call on Tuesday.

Tesla Model 3. Photo Credit: N / A Bian/Bloomberg via Getty Images

THE announcement accelerated THE chronology has cheaper electric Vehicles (VE). You're here previously declared that he would be to start produce more affordable EV In THE second half of 2025.

In A slide bridge sharing with Investors, You're here declared that THE new electric vehicles, including THE cheaper models, will to integrate familiar You're here features In A new, The next generation platform, but THE the society generally growth rates could be "notably lower" This year compared with has last year as It is teams work on that.

Related: Elon Musk Informed You're here Staff That Layoffs Will Affect has Less 14,000 Employees — Read THE Leak Email

Musk underlines has shareholders that You're here East more that just A car business, argue that he should be considered more as A AI technology company.

"THE path has think of You're here East almost entirely In terms of solve autonomy, And be able has turn on that autonomy For A gigantic fleet," Musk said.

You're here has A humanoid robot In development, Musk said Investors, And he could be able has help In You're here factories by THE END of This year.

Related: Elon Musk Revealed When You're here Will Release It is First of all Robotaxi

Earlier This month, Musk job on X that THE You're here robot taxi, A fully autonomous, autonomous driving electric car, will arrive This August.

You're here Also laid disabled has less 14,000 employees last week.