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Tesla's (TSLA) cash holdings dropped $2.5 billion during Q1 2024

Tesla cites an inventory increase as a leading factor behind the cash decrease.

Donovan Erskine

April 23, 2024 1:53 PM

Tesla

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Tesla’s (TSLA) Q1 2024 earnings report featured a plethora of information about the EV company’s first quarter of the fiscal year. This included the fact that Tesla’s cash holdings dropped by $2.5 billion this past quarter compared to last year.

It’s in Tesla’s Q1 2024 earnings release that we see the difference in Tesla’s cash on hand compared to the previous financial year. Tesla explains the cash drop and assures it has sufficient liquidity in a brief statement in the report.

We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.

Tesla (TSLA) stock saw a sharp leap in value after the close of markets and has been trading high since the publishing of its earnings report. It’s been a busy day for Tesla news, and Shacknews has everything that you need to know.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_