Posted 10/18/2023, 10:45:26 PM
Tesla Profits Drop 44% as Price Cuts Erode Margins Despite Losing EV Market Share
- Tesla's profit plunged 44% in Q3 2022 compared to Q3 2021, missing Wall Street expectations
- The drop was due to Tesla cutting prices by 25% to maintain dominance in the EV market
- Despite the price cuts, Tesla's US EV market share fell from 60% to 50%
- CEO Elon Musk warned the Cybertruck pickup won't be profitable for at least 18 months after launch
- Musk said there will be "enormous challenges" in reaching volume production and profitability with the Cybertruck
