Tesla reported a more than 40% drop in profits compared to the previous year. The company’s adjusted income for the quarter was $1.8 billion, or 52 cents per share. Analysts had expected earnings of 61 cents per share. Revenue remained flat at $25.5 billion, despite a 5% decline in vehicle sales. This marks the second consecutive quarter of declining sales volume for Tesla, which has been facing increased competition from other automakers in the electric vehicle market. The company did not provide a sales target for the full year but warned of potentially lower growth rates in 2024. Tesla’s stock fell 3% in after-hours trading.
