SAN FRANCISCO (AP) — Elon Musk’s big bet that Tesla price cuts could boost sales and profits amid increasing competition and poor economic sentiment appears to…
The vast majority of those sales involved Tesla’s popular Model 3 sedans and Model Y crossover SUVs.
While pressures on profitability and pricing continue to weigh on Tesla, Jeff Windau, an analyst with Edward Jones, said he took heart from some management comments about cost control and said the company’s overall trajectory remains sound. In the company’s conference call with analysts, Musk praised the company’s performance despite high interest rates and what he called significant economic uncertainty, then quickly changed the subject to Tesla’s advanced projects such as its so-called “full self driving” software.Article content
Musk also said that Tesla should deliver its long promised Cybertruck — an unusual looking pickup with an angular design that might not look out of place in a “Mad Max” movie — by the end of the year. Tesla announced Saturday that the first Cybertruck had rolled off the assembly line.
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