Tesla reported a jump in second-quarter profits as a series of price cuts translated into sharply higher car sales.
Elon Musk's fast-growing electric vehicle company reported profits of $2.7 billion, up 20 percent on the year-ago level.
Tesla characterized the profit margins as"healthy," citing more efficient operations at the newer plants of Berlin and Texas.Musk described the current macroeconomic backdrop as"turbulent," noting the drag of high interest rates on consumers and quipping that"one day it seems like the world economy's falling apart and the next day everything's fine."
The move comes as more EVs from legacy carmakers like General Motors and Ford are hitting dealerships. Shares of Tesla have more than doubled in 2023 so far as investors have overlooked concerns about shrinking profit margins and cheered other recent Musk initiatives.On Saturday, Tesla unveiled from its Texas factory its first Cybertruck, a futuristic silver vehicle that has been eagerly awaited.
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