Tesla's 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans

Category: Business

Tesla's second-quarter net income fell 45% year-over-year to $1.48 billion, with vehicle sales down 4.8% despite a slight revenue increase to $25.5 billion. The company faces weakening demand and a declining gross profit margin, while its energy-storage business saw significant growth. Tesla plans to introduce new, more affordable models next year, but cautions that sales growth may slow.

Keywords: Tesla, electric vehicles, financial results

Source: AP News

Update At: 7/24/2024

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