This downsizing is attributed to Tesla's decline in first-quarter deliveries.
Data indicates that in the first quarter of 2024, Tesla delivered a total of 386,000 vehicles, significantly below analysts' earlier expectations of 449,000 vehicles.
This marks the first time since Q3 2022 that Tesla's quarterly deliveries have fallen below 400,000 vehicles.
In addition to the overseas markets, Tesla's Shanghai factory also adjusted its production pace in March of this year.
The weekly work hours for employees were reduced from six and a half days to five days to decrease the output of Model Y and Model 3.
According to data, Tesla's revenue for the fourth quarter of 2023 was $25.17 billion, lower than analysts' previous estimate of $25.87 billion, with a net profit of $7.928 billion, a 115% increase year-over-year. However, the gross profit margin continued to decline to 17.6%, below the market's expectation of 18.3%.
