Tesla’s second-quarter profit fell 45 per cent compared with a year ago as global electric vehicle sales continued to tumble despite price cuts and low-interest financing.
The Texas-based company said on Tuesday that net income between April and the end of June was $1.48 billion compared with $2.7 billion in the same period a year ago, making it the second-straight quarterly profit decline.
Tesla, which is headed by Elon Musk and was founded by the engineers Martin Eberhard and Marc Tarpenning in 2003, reported that its second-quarter revenue rose 2 per cent to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet.
During the three-month period, Musk delayed development of a new cheaper Tesla model in favour of working on creating self-driving