Tesla (TSLA) is set to announce its first-quarter 2024 earnings after the bell on Tuesday, with declining deliveries expected to drag down revenue and investors looking for updates on the company’s product road map after setting a date for the launch of its robotaxi.

ꦿAnalysts project Tesla’s revenue to come in at $22.25 billion for the first quꦓarter of 2024, down from the previous quarter and year-ago period, according to estimates compiled by Visible Alpha.

澳洲幸运5官方开奖结果体彩网:Adjusted net income is expected to be $1.88 billion, a decline from $2.49 billion last quarter and $2.93 billion in the prior-year quarter, while adjusted diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) are proje🥃cted at 52 cents, compa💟red with 71 cents in Q4 and 85 cents in last year’s first quarter.

Analysts slightly lowered their revenue estimates ahead of𓄧 the earnings report.

Key Metric: Q1 2024 Deliveries Tumble

Tesla already reported delivery numbers for the first quarter of 2024 that🐟 fell short of analyst exp🅺ectations, dragging down the stock.

The electric vehicle (EV) maker delivered 386,810 vehicles in the first quarter of 2024, down about 8.5% from the same period in 2023, which could reflect declining EV demand. Tesla reportedly plans to 澳洲幸运5官方开奖结果体彩网:slash its workforce by more than 10% as demand for EVs slows.

Wedbush Securities analysts said that “1Q deliveries was a nightmare quarter for Tesla with China and global EV demand remaining very soft coming out of the gates for 2024.” They noted that it “is a crucial period for [Tesla CEO Elon] Musk to navigate Tesla through this Cate🙈gory 5 demand storm,” with investors likely to be paying particularly close attention to what Musk says during the earnings call that is scheduled for 5:30 p.m. ET.

Business Spotlightౠ: Product 💟Road Map After Robotaxi News

Musk on April 5 said that the company will unveil its robotaxi, a next-genera🌊tion self-driving vehicle first mentioned in 2019, 🍌on Aug. 8.

“Musk has said in the past that Tesla will make a car without controls for human use, saying in the past that [Full Self-Driving] will reach a point of full autono⛎mous use for taxi and driverles🤡s scenarios,” Wedbush analysts explained.

The robotaxi announcement came shortly after Musk denied a report that Tesla was abandoning its long-standing plan to create a low-priced EV, expected to be called the Model 2.

The analysts said that “Tesla right now is caught between ‘two waves of growth’” as “patience is starting to wear very thin among 澳洲幸运5官方开奖结果体彩网:investors,” and that a robotaxi is “not the near-term answer.” Wedbush said that the firm “remain[s] long-term bullish; however, this is a crucial few months ahead for Musk and Tesla to give the Street its blueprint for growth into 2025.”

Tesla shares were up 2.5% at $145.58 at around 2:45 p.m. ET. The stock, which was the 澳洲幸运5官方开奖结果体彩网:biggest decliner in the 澳洲幸运5官方开奖结果体彩网:S&P 500 index in the first quarter, has lost 41% of its value since the beginning of the year.

UPDATE—April 23, 2024: This article has been updated to include the latest consensus estimates from analysts and share price information.