Tesla shares plummet after company reports falling profits

Tesla fell 12% in early trading on Wednesday after an earnings release showed slumping profits in the face of strengthened competition and sluggish sales.fell 12% in early trading on Wednesday after an earnings release showed slumping profits in the face of strengthened competition and sluggish sales.

Gordon Johnson, CEO and founder of data firm GLJ Research, who is bearish on Tesla, said the boost in revenue from government credits afforded the company a financial lifeline even as it struggled in its main line of business: selling vehicles. Proponents, however, point to the company's record of industry-leading innovation, suggesting the breakthroughs that fueled its sprint ahead of the competition could reemerge as it readies for new EV models and perfects its autonomous driving software.

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.

Tesla's EV Market Share: See How Much It's Slipping In One ChartTwo consecutive quarters of decreasing Tesla EV deliveries are already reflected in the company's weakening global market share.
Source: InsideEVs - 🏆 579. / 51 Read more »

Tesla’s EV market share in U.S. falls below 50 percent | Car NewsTesla's EV market share has fallen below 50 percent in the U.S., which actually represents good news for the development of electric vehicles.
Source: auto123 - 🏆 566. / 51 Read more »

Tesla EV market share drops below 50%Tesla is slowly losing its dominating position in the electric vehicle market.
Source: WashTimes - 🏆 235. / 63 Read more »