Tesla, the leading electric vehicle manufacturer, reported a 9% decline in revenue for the first quarter of 2024, the company’s largest revenue drop since 2012. The decline has been attributed to a combination of falling sales and increasing competition in the EV market. In response to these challenges, Tesla has implemented several measures, including reducing the prices of three of its most popular models and cutting 10% of its workforce. The company’s stock price has fallen significantly since the start of the year, but it showed signs of recovery in after-hours trading on Tuesday following the announcement of accelerated production plans for new and more affordable models.