Tesla sees biggest revenue drop since 2012 but company shares still surge

Shares are up despite a revenue decline of 9% after company said it expects to release new vehicle models sooner than expected

Tesla shares surged nearly 10% in after-hours trading on Tuesday after posting earnings results, despite a revenue miss for the first quarter of 2024 and recently announcing a recall of its Cybertruck.

The electric vehicle manufacturer posted $21.3bn in revenue, lower than the $21.48bn estimated and a 9% drop year over year – marking its biggest decline since 2012. As part of the report, the company released previews of a ride-hailing app to be integrated into its products and said it expects to release new vehicle models sooner than expected, bolstering investor confidence.

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The car made pedestrians second-class citizens. Don’t let driverless vehicles push us off the road altogether | Adam Tranter

If we want autonomous tech to succeed it must be designed to share space with us, rather than forcing us to adapt to it Adam Tranter is the co-host of the Streets Ahead podcast. He was formerly West Midlands cycling and walking commissioner under mayor Andy Street This week, the UK government announced its plans to fast-track driverless vehicle trials in the UK. One of the key companies involved noted that London presents a significant challenge: “It has seven times more jaywalkers than San Francisco.” There’s more than one problem with that statement – and it encapsulates so much of what’s already going wrong in the adoption of driverless cars. For a start, “jaywalking” isn’t even a thing in the UK. We thankfully have no such concept or offence. Unlike in many US cities, pedestrians here are free to cross the road wherever they see fit. And thank goodness for that. Adam Tranter is the co-host of the Streets Ahead podcast. He was formerly West Midlands cycling and walking co...

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