Tesla Q1 profit drops 55% to $1.13 bn, revenue falls most since 2012

Elon Musk-led Tesla reported a 55% fall in its net profit from $2.51 billion to $1.13 billion year-over-year during the quarter between January and March. Its revenue fell 9%, its first drop since the pandemic in 2020 and the steepest it has seen since 2012. This comes amid layoffs at Tesla and several recalls of vehicles.