Tesla's profits down 45% due to price cuts and competition
Kyiv • UNN
Tesla reported a 45% decline in profits in the second quarter due to lower prices for electric vehicles and increased competition.
Tesla's profits have declined significantly due to lower prices and increased competition. This is reported by AFP News, according to UNN.
Details
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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