Tesla Abandons 20 Million Annual Vehicle Goal

The electric carmaker shifts focus to autonomous technology amid declining sales and production cuts.

Tesla has removed its 20 million annual vehicle target from its latest impact report.
Production of the Model Y in China has been reduced due to weakening demand.
Tesla's net income fell 55% in the first quarter of 2024 compared to the previous year.
The company plans to unveil a fully autonomous robo-taxi on August 8.
Tesla's shift includes shelving plans for a $25,000 electric vehicle.