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Tesla reports profit drop on price cuts, lower vehicle sales

Economic TimesEconomic Times · 11m ago
Tesla reports profit drop on price cuts, lower vehicle sales
Medial

Tesla reported a 45% drop in profits for the second quarter due to price cuts and increased spending on autonomous driving technology. The company earned $1.5 billion in profits on revenues of $25.5 billion. Tesla's earnings per share missed analyst expectations, but revenues exceeded them. The company also incurred one-time expenses of $622 million in the quarter. Despite the challenges, Tesla plans to introduce more affordable models in the first half of 2025. Tesla's Cybertruck vehicle is on track for profitability by the end of 2024. The company is committed to advancing autonomous driving technology but recently postponed a robotaxi event until October. Tesla shares fell 7.8% in after-hours trading.

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