The US electric car manufacturing company “Tesla” made a profit of 2.5 billion dollars in the first quarter of this year, which is 24% less than in the corresponding period last year, according to the announcement made by the car manufacturer.
The drop in profits is explained by the reduction in car prices, which increased demand, but negatively affected profitability.
The company is trying to increase its market share by cutting prices at a time when competitors are also increasing their production and there is an increasingly fierce battle on electric car prices.
Meanwhile, Tesla’s revenue in the first quarter increased by 24% year-on-year and reached 23.3 billion dollars.
Tesla has also confirmed its plan to produce 1.8 million electric cars this year.
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