With competition heating up from Chinese and other automakers, Tesla’s CEO Elon Musk announced on Tuesday that the company plans to start producing new, more affordable models as early as the end of this year, or by early 2025. This timeline is notably sooner than the previously mentioned late 2025, although it’s uncertain if Musk will meet this advanced schedule.
This announcement came alongside Tesla’s latest quarterly financial report. The company’s revenue was $21.3 billion, down from $23.3 billion in the same period the previous year and also lower than the $25.2 billion reported for the previous quarter. Profits were $1.1 billion, reflecting a 55% drop compared to the same time last year.
Tesla also showcased a new ridesharing feature for its app, which it plans to integrate with its upcoming robotaxi service. Musk mentioned earlier this month that Tesla will introduce its first robotaxi vehicle in August. However, before it can start taking paying passengers, regulatory approval for the vehicle’s autonomous systems will be necessary.
The company provided five screenshots of the robotaxi feature, which includes many familiar elements found in typical ridesharing apps. These features include a map that shows the vehicle en route to the pickup location, projected wait times, and the ability for riders to adjust the vehicle’s interior temperature before it arrives.
The latest figures for Tesla come just days after the company recalled its newest EV, the Cybertruck, due to a safety issue with its accelerator pedal. Amid various challenges, Tesla also announced last week that it would be laying off 10% of its global workforce, amounting to about 14,000 jobs.
In an effort to attract more customers and better compete with Chinese auto giants like BYD, which are gaining ground in the EV market, Tesla recently cut the prices of its vehicles worldwide. Additionally, it reduced the cost of its Full Self-Driving feature for U.S. customers.