After a tough few weeks for Tesla, Wall Street investors will be seeking some much-needed reassurance when it reveals its first-quarter numbers on Tuesday.
The electric vehicle (EV) maker has already signaled that its finances are likely to take a hit after recording its first drop in car sales in four years earlier this month.
The Delaware-based automaker, led by billionaire Elon Musk, delivered 386,810 vehicles in the three months to the end of March.
This was more than a fifth from the previous quarter and around 9 percent less than the same period in 2023.
It was the first year-on-year drop in sales since 2020, when the business was paralyzed by the Covid-19 pandemic.
To add insult to injury, Musk said he would cut 10% of Tesla’s workforce, costing around 14,000 jobs worldwide. The tycoon told staff there was nothing he hated more “but it has to be done.”
Looking ahead to next week, analysts at AJ Bell have said Musk is likely to try to “offer comfort” to shareholders, who have seen the stock fall by more than a third over the past year.
But Danni Hewson, an analyst at the brokerage, warned they are likely to be disappointed.