Tesla Inc boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy.
boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle maker would prioritize sales growth ahead of profit in a weak economy.in markets including the United States and China to spur demand and fend off rising competition."It's better to shift a large number of cars at lower margin and harvest that margin in the future as we perfect autonomy," Musk told analysts on a conference call.
Tesla said in a statement it still believed its operating margin would remain the highest among big carmakers. The company posted an automotive gross margin of 19% excluding regulatory credits in the first quarter, down from 24% the previous quarter, according to Reuters' calculation.FILE PHOTO: Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle maker in Beijing, China February 4, 2023. REUTERS/Florence Lo
Tesla in the first quarter reported record inventory of $14.38 billion, up from $6.69 billion a year earlier.
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