Tesla profit slumps amid lower EV sales, AI spending surge
With increased competition and heavy attention on the antics of the company’s CEO, Tesla’s core electric vehicle business has faltered in the pa
Tesla’s annual profit sank to its lowest level in years as the company faces an array of challenges from increased competition to reputation issues caused by CEO Elon Musk’s political engagements.
The electric vehicle (EV) company on Wednesday reported that net income last year plunged 46%, to $3.8 billion (€3.17 billion).
It marked the second year in a row of steep declines.
For the fourth quarter of last year, profits came in at $840 million, down from $2.1 billion a year earlier.
Total revenue for the year also fell about 3% to roughly $94.83 billion, marking the company’s first annual decline in revenue.
