The company said after markets closed Wednesday that profit fell to $1.4 billion from $2.2 billion a year earlier, a decline of 37%. Revenue was up to a record $28.1 billion from $25.2 billion. Earnings per share came in at 50 cents, missing Wall Street’s expectations by 4 cents.
Its stock was falling in after-hours trading.
Though it sold more cars in this year’s July-September period than it did a year ago, it earned less money per unit because it slashed prices and offered low-interest loans for its most popular models to entice customers.
The company reduced prices further this month, offering stripped-down versions of its Model 3 sedan and Model Y sport utility vehicle for about $5,000 less than the previous lowest-cost versions of those cars. The cut-rate models were released after the U.S. ended incentives that juiced sales for Tesla and other EV makers.
Tesla shares were down nearly 2% in after-hours trading after falling slightly in regular trading.
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