Tesla's quarterly profit falls 45% as sales drop despite price cuts

Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing

Tesla's second-quarter net income fell 45% compared with a year ago as the company's global electric vehicle sales tumbled despite price cuts and low-interest financing. The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla's second-straight quarterly net income decline. Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.

Although the sales were were better than the 436,000 that analysts had expected, they still were a sign of weakening demand for the company’s aging product lineup. For the first half of the year, Tesla has sold about 831,000 vehicles worldwide, far short of the more than 1.8 million for the full year that Chief Executive Elon Musk has predicted. The company’s widely watched gross profit margin, the percentage of revenue it gets to keep after expenses, fell once again to 18%.

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