Company Reports – Page 6

Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices

The electric carmaker has reduced prices by thousands of dollars this year to bolster demand and fend off competition.

The electric car company’s decision to slash prices appears to have paid off in reviving demand.

The maker of electric trucks said it expected to double production in 2023 as the supply of parts became more reliable.

The maker of electric luxury sedans said it made more than 7,000 cars in 2022, achieving a scaled-down target.

The company’s deliveries of electric vehicles more than doubled, compared with the same month a year earlier.

Aiming to make a million electric vehicles a year by 2025, General Motors is investing in a Nevada lithium mine to help with battery production.

Shares in the electric carmaker continued to rally after the company reported strong profits, even amid growing competition and economic pressures.

The electric car company is facing intensifying competition, supply chain disruptions and concerns about the behavior of Elon Musk.

The price reductions in the United States will make more of the company’s electric vehicles eligible for a federal tax credit.

The company’s production was limited by a global chip shortage but it made big gains in the fastest-growing segment of the auto market.