Tesla reports profit drop on price cuts, lower vehicle sales

By Agence France-Presse

Jul 25, 2024 12:07 am

NEW YORK — Tesla reported a hefty drop in second-quarter profits on Tuesday due to the effect of price cuts while spending aggressively on autonomous driving and other technology.

Elon Musk's electric vehicle (EV) company reported profits of $1.5 billion, down 45 percent, on revenues of $25.5 billion, which were up 2 percent behind an increase in its energy generation and storage business.

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