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Tesla Profits Tumble But Shares Rise On New Vehicle Plan

Tesla reported a big drop in quarterly profits Tuesday, pointing to elevated pressure on the electric vehicle market that has led to deep cost-cutting.

Tesla profits tumble but shares rise on new vehicle plan

Tesla reported a big drop in quarterly profits Tuesday, pointing to elevated pressure on the electric vehicle market that has led to deep cost-cutting. Tesla is committed to "company-wide cost reduction" as part of an effort to achieve "profitable growth," it said.

Tesla profits tumble but shares rise on new vehicle plan

Tesla profits tumble but shares rise on new vehicle plan

Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure."But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more aff

Tesla profits tumble but shares rise on new vehicle plan

Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more