Tesla Q1 Earnings Off
Nearly 25% profit drop results from mix of pressures.

Tesla faces larger market pressures from rising interest rates hampering demand and competitors gaining ground.
IMAGE: Pexels/Craig Adderley
Tesla’s first-quarter profit fell 24% year-over-year, as it blamed higher supply and logistics costs and reduced regulatory credits.
The results also follow a series of price cuts that have rippled across the electric-vehicle industry. The market leader has cut prices on some of its models six times so far this year, including one cut on the eve of its earnings report, a strategy that has boosted sales.
“We’ve taken a view that pushing for higher volumes and a larger fleet is the right choice here versus a lower volume and higher margin,” said CEO Elon Musk on an earnings call.
The quarterly results nevertheless sent its shares down in early trading.
Tesla is facing larger market pressures from rising interest rates hampering demand and competitors gaining ground, including legacy brands, such as Ford.
Originally posted on Auto Dealer Today
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