Tesla reported record profit and revenue for the fourth quarter but acknowledged that it must make cheaper vehicles to become a bigger automaker.
The company reported net income of $3.69 billion and revenue of $24.3 billion in the fourth quarter, up 59% and 37%, respectively, from a year earlier.
Tesla is under pressure to regain momentum after signs of a sales slowdown and a stock-price plunge amid a broader industry pullback, as well as CEO Elon Musk's controversial management of Twitter.Tesla acknowledged Wednesday in an earnings presentation that its prices are "on a downward trajectory," but said it's "necessary to become a multi-million vehicle producer.
"In our view, the price cuts are indeed in response to slowing incremental demand relative to incremental supply," Morgan Stanley analyst Adam Jonas said in a research note ahead of the earnings report.Part of Tesla's problem is that it hasn't introduced a new consumer vehicle in years despite increased competition from the likes of General Motors, Ford, Volkswagen, Hyundai, Rivian, Lucid and others.
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