NEW YORK– US carmaker Tesla on Tuesday reported a 45% drop in second-quarter net profit to $1.48 billion amid low electric vehicle prices.
Meanwhile, Elon Musk’s company’s sales rose 2% to $25.5 billion between April and June.
Tesla’s earnings per share missed analysts’ expectations, while revenue beat them.
The results show the impact of a series of price cuts in major markets, due to buyer backlash. Sales of electric vehicles barely exceed 3% of total vehicle sales in the US.
Tesla’s overall sales fell compared with the same period a year earlier, but rose from the first-quarter level, Tesla said in its earnings presentation.
Tesla has pledged to continue to push ahead with new technological advances in artificial intelligence and autonomous driving.
Source: With information from AFP.