The actions of Tesla it fell 07% to 291.26 units.
Tesla: price cut, higher discounts and incentives to sell electric cars
Under the pressure of increasing competition and economic uncertainty, Tesla cut prices and increased discounts and other incentives to sell more cars.
Lower prices, along with government tax breaks for EV buyers in the United States and other countries, spurred Tesla deliveries to a record 466,000 vehicles in April-July worldwide, but hurt profitabilitywhose margins have long been the envy of the auto industry.
On Wednesday, the company reported a Gross margin of 18.2% in the April-June period, compared to 19.3% in the first quarter.
In adjusted terms, Tesla earned 91 cents per share. Analysts had expected a profit of 82 cents a share, according to data from Refinitiv IBES. It was not clear if the figures were comparable.
The company’s revenues in the April-June period amounted to u$s24,930 millioncompared to estimates of US$24,480 million, according to data from refinitiv.
Tesla: Elon Musk stepped up the price war
In April, Tesla’s CEO, Elon Muskstepped up the price war, saying the company would prioritize sales growth over profits in a weak economy and an environment of increasing competition.
Tesla’s stock price has more than doubled this yearhelped by rival automakers backing Tesla’s charging standard, as well as expanding federal credits for the model 3 and investor enthusiasm for artificial intelligence.
Source: Ambito
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