Tesla profits drop 55%, company says EV sales ‘under pressure’ from hybrids

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Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy and “several unforeseen challenges” cut into the automaker’s bottom line. Tesla reported revenue of $21.3 billion in the first quarter, a 9% drop from the first quarter of 2023. Analysts polled by Yahoo Finance © 2024 TechCrunch. All rights reserved. For personal use only.

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