Tesla Q1 income falls 24 percent as EV price cuts squeeze profits

Variety
20-04-2023 | 08:14
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Tesla Q1 income falls 24 percent as EV price cuts squeeze profits
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
0min
Tesla Q1 income falls 24 percent as EV price cuts squeeze profits

Tesla reported Wednesday net income of $2.51 billion in the first quarter, a 24 percent drop from the same period last year as the company’s EV price-cutting strategy cut into profits.

Tesla has repeatedly reduced the price of its four EVs — the Model S, Model X, Model Y and Model 3 — in the United States as well as Europe and China. That strategy has helped boost sales with revenue in the first quarter reaching $23.3 billion, a 24 percent pop from the same period last year.

But it has also squeezed the automaker’s traditionally robust automotive gross margins. At the same time, Tesla’s operating expenses have remained mostly flat (falling just 1 percent from Q1 in 2022) and its capital expenditures have increased. The company reported that it spent $2 billion in capital expenditures in the first quarter, a 17 percent increase from the same quarter last year.
 

Tesla

Q1

Income

Falls

EV

Price

Electric

Vehicle

Cuts

Squeeze

Price

Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
LBCI
Middle East News
2026-01-30

Trump says Iran wants to 'make a deal'

LBCI
Middle East News
2026-01-09

Syrian President Sharaa meets with EU chief von der Leyen: State media

LBCI
Lebanon News
2026-05-14

Israeli army issues evacuation warning for several towns in Lebanon’s Bekaa and South regions

LBCI
World News
2026-06-22

Belgium issues visas to Taliban delegation for EU meeting

Videos
d-none hideMe
LBCI
Lebanon News
2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

LBCI
Lebanon News
2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

LBCI
Lebanon News
2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

LBCI
Lebanon News
2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

LBCI
Lebanon News
2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

LBCI
Lebanon News
2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

LBCI
Lebanon News
2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

LBCI
Lebanon News
2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

LBCI
Lebanon News
2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Most read
d-none hideMe
24 hours
7 days
Month
LBCI
Lebanon News
06:12

LBCI sources: Lebanon to hand former Syrian General Adel Issa to Syrian judiciary

LBCI
Lebanon News
10:16

Rain in August? Sudden weather shift surprises Lebanon: Video

LBCI
Lebanon News
12:01

Walla: Israeli military strikes Ali al-Taher heights in southern Lebanon

LBCI
News Bulletin Reports
13:10

Diplomacy vs. escalation: Southern Lebanon enters a critical new phase

LBCI
News Bulletin Reports
13:19

Wanted for war crimes: Why was retired Syrian Gen. Adel Issa detained in Beirut?

LBCI
Lebanon News
06:23

Human Rights Watch urges UN to maintain peacekeeping force in South Lebanon

LBCI
World News
04:03

Etna eruption extends closure of Sicily's Catania airport until Saturday

LBCI
News Bulletin Reports
13:12

Waste crisis or new tax? Lebanon’s environmental fee raises questions

Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
Download now the LBCI mobile app
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More