NEW YORK -Tesla reported a drop in first-quarter earnings Wednesday as price cuts at Elon Musk's electric vehicle company boosted demand but hit profit margins. Profits came in at $2.5 billion, down 24 percent from the year-ago period on revenues of $23.3 billion, which were up 24 percent. Shares fell on the results, which were in line with Wall Street expectations for earnings per share, but showed a lower profit margin than expected. Faced with more EV competition from other automakers, Tesla has undertaken a series of price cuts in 2023, most recently over the last 24 hours on some models in the United States.

https://business.inquirer.net/396726/tesla-profits-fall-on-vehicle-price-cuts-sending-shares-down

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