Tesla's profits have declined significantly due to lower prices and increased competition. This is reported by AFP News, according to UNN.
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In its April-June report, Tesla announced a significant decrease in profits due to lower prices for its electric vehicles and increased competition in the market. The company's profit amounted to approximately $1.5 billion, which is 45 percent less than in the same period last year.
Despite the drop in profits, Tesla's turnover grew by two percent to $25.5 billion, exceeding analysts' expectations. Sales of electric vehicles decreased compared to last year, but were higher compared to the first quarter of 2024.
Analysts note that the price cut was a response to the intensification of competition in the electric vehicle segment, which forced Tesla to adapt its strategy to maintain its market position.
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