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

  • 📰 eNCA
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

Tesla reported a jump in second-quarter profits as a series of price cuts translated into sharply higher car sales.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 49. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: ReutersAfrica - 🏆 31. / 53 Read more »

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.
Source: dailymaverick - 🏆 3. / 84 Read more »

World stocks near 15-month high; China data weighs on marketsAsia shares slip as China casts a pall, dollar's slide abates
Source: ReutersAfrica - 🏆 31. / 53 Read more »