Tesla earnings rise to $2.7bn on increased sales, lower prices

Elon Musk's fast-growing electric vehicle company reported profits of $2.7 billion, up 20 percent on the year-ago level.

Tesla characterized the profit margins as"healthy," citing more efficient operations at the newer plants of Berlin and Texas.Musk described the current macroeconomic backdrop as"turbulent," noting the drag of high interest rates on consumers and quipping that"one day it seems like the world economy's falling apart and the next day everything's fine."

The move comes as more EVs from legacy carmakers like General Motors and Ford are hitting dealerships. Shares of Tesla have more than doubled in 2023 so far as investors have overlooked concerns about shrinking profit margins and cheered other recent Musk initiatives.On Saturday, Tesla unveiled from its Texas factory its first Cybertruck, a futuristic silver vehicle that has been eagerly awaited.

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Asia stocks gain; US futures slip after Netflix, Tesla earningsAsian stocks rose and sterling stumbled on Thursday as cooling UK inflation lifted risk appetite ahead of central bank meetings next week, while disappointing earnings results from Netflix and Tesla pushed U.S. futures lower.
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OPINIONISTA: Meanwhile, over at Tesla… here comes the electric bakkie, and a setback for company directorsGetting the first model off the production line is a significant step, but it’s unlikely to be a fully ready production model. It’s more likely a so-called ‘production intent’ car used to test if the production line is ready.
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World stocks near 15-month high; China data weighs on marketsAsia shares slip as China casts a pall, dollar's slide abates
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