Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

The electric vehicle maker said on Tuesday it had made $1.13bn (£910m) over the first three months of the year, compared with $2.51bn a year earlier.

Tesla, owned and run by the billionaire Elon Musk, said it would axe more than 6,000 jobs at its sites in Texas and California.

The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.

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