Tesla reports steepest decline in quarterly revenue in over a decade

Tesla initiated production of a cheaper vehicle model, anticipating mass production later this year. The company experienced its sharpest revenue decline in over a decade, falling 12% to $22.5 billion. This decrease follows a period of strong competition and negative impact from Elon Musk's political stances. Revenue missed analyst expectations slightly, despite the launch of a refreshed Model Y SUV. Tesla's high valuation heavily relies on future robotaxi and humanoid robot projects. Investor concerns persist regarding Musk's time commitment to Tesla after recent political activities. A pledge to reduce government involvement and focus on business was not fully realized. Several key executives, including a close Musk associate, have recently departed Tesla. These departures contribute to growing investor apprehension. The combination of declining revenue and leadership changes presents challenges for Tesla's future.