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Tesla annual profit plunges to lowest level since pandemic
Tesla's net income fell 46% to $3.8 billion amid market share loss to a Chinese competitor and boycotts despite new lower-cost models, analysts said.
- On Wednesday, Tesla, the EV company run by Elon Musk, said annual net income last year fell 46% to $3.8 billion and its profit plunged to the lowest since the pandemic five years ago.
- Amid competitive pressure from a Chinese rival, Tesla's decline came despite introducing cheaper models, while Elon Musk pledged to remain laser-focused after a foray into U.S. politics.
- For the fourth quarter of last year, net income fell 61% to $840 million , while adjusted earnings per share excluding one-time charges reached 50 cents versus analysts' forecast of 45 cents, and the stock is up 9% in the past year.
- Investors and analysts expect Elon Musk to outline strategic plans on a conference call later Wednesday, and Tesla investors have largely kept faith despite the profit slump.
- It was the second year in a row of steep profit drop, while Elon Musk urges investors to focus on robotaxis and household robots as the company's future vision.
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Oskaloosa Herald
Oskaloosa HeraldTesla annual profit plunges to lowest level since pandemic.
Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales. Fourth-quarter profit also dropped sharply although…
Tesla made smallest annual profit since the pandemic, plans to spend big on robotaxis and robots
Tesla's annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world's biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
·United States
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Associated Press News+34 Reposted by 34 other sources
Tesla annual profit plunges to lowest level since pandemic
Tesla’s annual profit plunged to its lowest level since the pandemic as it ceded the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
·United States
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Total News Sources39
Leaning Left8Leaning Right2Center25Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 23%
C 71%
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