Tesla Inc's shares sank nearly 10% on Thursday after Chief Executive Elon Musk signaled the electric vehicle maker will keep cutting prices to drive up demand even after taking a big hit to margins.
shares sank nearly 10% on Thursday after Chief Executive Elon Musk signaled the electric vehicle maker will keep cutting prices to drive up demand even after taking a big hit to margins.
Tesla's automotive gross margin, excluding regulatory credits and leasing, stood at 18.3%, missing the above 20% target provided in January by Tesla CFO Zachary Kirkhorn. "We've taken a view that pushing for higher volumes and a larger fleet is the right choice here versus a lower volume and a higher margin," he said.
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