Tesla profit nosedives as revenue up
- by Just Auto
- Jul 24, 2024
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Earnings at Tesla reportedly almost halved as discounts and price cuts piled pressure on the electric carmaker’s profit margins.
According to The Guardian, CEO Elon Musk blamed “a bit of a hangover” after rivals cut prices “very substantially, which has made it a bit more difficult for Tesla”.
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Shares dropped 6.9% during out of hours trading in New York. “We don’t see this as a long-term issue,” Musk said of discounting in the electric vehicle market, “but really fairly short-term.”
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