Tesla profits nosedive 55%: Inside the important meeting that made Musk ditch India visit firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
Tesla s first-quarter net income plummeted 55% as falling global sales and price cuts sliced into the electric vehicle maker s revenue and profit margins.
Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles.
By Hyunjoo Jin and Akash Sriram (Reuters) - Tesla is expected to report its lowest gross profit margin in more than six years on Tuesday after a chaotic week that included major layoffs, vehicle price cuts and urgent calls by investors for clarity .