Tesla profits plunge compared to last year | Business

Category: Business

Tesla's profits fell over 40% year-over-year, with adjusted income at $1.8 billion, missing analyst expectations. Revenue remained flat at $25.5 billion, but vehicle sales declined for the second consecutive quarter. The company faces increased competition in the EV market and did not set a new sales target for the year, warning of lower growth rates in 2024. Tesla's shares dropped 3% in after-hours trading.

Keywords: Tesla, Electric Vehicles, Profit Decline

Source: CNN

Update At: 7/24/2024

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