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Toyota Earnings May Show a Flaw In Tesla's Pricing Strategy

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Toyota reported strong third-quarter operating profit. It's now a leader among peers.

A shift in third-quarter data from Tesla and Toyota Motor show a potential flaw in Elon Musk’s battery-electric-vehicle pricing strategy.

Toyota stock closed with a gain of 4.7% in overseas trading. U.S.-listed American depositary receipts were up 5.7% in early trading Wednesday while the S&P 500 and Dow Jones Industrial Average were up 0.5% and 0.3%, respectively. Tesla generated $3.7 billion operating profit in the 2022 third quarter, about 13% of the total operating profit of a handful of global auto makers while accounting for about 7% of total sales.

Newsletter Sign-up Tesla sold more cars, too, but prices of key models fell by as much as 25% year over year. That’s hard to overcome by selling more. Also, Tesla is ramping up production at new plants that aren’t running at full capacity. Tesla isn’t getting all the benefits of its higher manufacturing capacity yet.

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