Tesla Q1 earnings drop over 20-percent

(New York, NY) -- Tesla's first quarter net income and earnings are down over 20-percent compared to last year.

Net-income for the electric car company came in at just over two-point-five-billion dollars, down 24-percent compared to 2022.

Tesla representatives say "underutilization of new factories" along with stressed margins and higher material costs have all contributed to the drop in earnings. The company posted the report on Wednesday, after which shares dropped more than four-percent.

CEO Elon Musk says he predicts 12 months of economic "stormy weather."