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Tesla profits drop 55%, company says EV sales ‘under pressure’ from hybrids

Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy continued to cut into

Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy continued to cut into the automaker’s bottom line. The company said in its Q1 earnings report that it experienced “numerous challenges in the first quarter, including from the Red Sea conflict and the arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 at its factory in Fremont, California. Two high-profile executives — Drew Baglino, Tesla’s SVP of Powertrain and Energy, and Rohan Patel, VP of Public Policy and Business Development — also left the company.

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