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Dubai News Club > Tech > Tesla’s rampant price cutting is taking a toll on its profits
Tech

Tesla’s rampant price cutting is taking a toll on its profits

Press Room
Last updated: 2023/04/19
Press Room
Published: April 19, 2023
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The Tesla logo on a red, black, and white background.
Illustration: Alex Castro / The Verge

Tesla published its first quarter earnings report in which the company said it earned $2.9 billion in net income on $23.3 billion in revenue. That represents a 24 percent increase year over year compared to $18.7 billion in revenue in Q1 2022.

Most importantly, the company’s gross margins fell to 19.3 percent, a sign that its rampant price cutting was starting to take a toll on its bottom line. Gross margins were down 18.9…

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