Tesla slides as bleak profit margins exposes need for affordable EVs

Quick Summary:

Tesla shares slid 8 per cent in U.S.pre-market trades on Wednesday after the electric vehicle maker's profit margin fell to a five-year low, raising the urgency of making lower-priced vehicles to power sales rather than relying on price cuts.

Tesla's EV deliveries have fallen for two straight quarters as the lack of affordable new models turns buyers to rival EV makers.

FILE PHOTO: A Tesla Cybertruck is parked on a local Tesla dealer in Paramus, New Jersey, U.S., July 23, 2024.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Stock 2024 Self-driving Margin Price Cent Tesla Analysts Technology Company Pre-market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-24 @ 18:20:48 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 488 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 21761922

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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