Tesla annual profit plunges to lowest level since pandemic

NEW YORK — Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales. The EV company run by Elon Musk reported Wednesday that net income last year dropped 46 percent to $3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk's promise to remain laser-focused on the company after a foray into U.S politics. Still, Tesla investors have kept the faith in Musk. The stock is up 9 percent in the past year. Musk has been urging investors to focus less on car sales and more on what he considers a bright new future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents. Investors and analysts expect to hear more from Musk on those plans in a conference call later Wednesday. For the fourth quarter of last year, Tesla's net income also plunged, down 61 percent to $840 million, or 24 cents. ExcludWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times