Tesla Inc's first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy.
on Monday, after employees were informed about the company's plans to cut their performance bonuses, which are linked to the factory's performance, according to online posts and workers.
The company, led by billionaire Elon Musk, has said a ramp up in production at its factories in Austin, Texas and Berlin would help improve margins due to economies of scale.this year, especially in China, where a slump in demand for EVs has left stocks of the metal piling up. "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity.
Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.Reporting by Akash Sriram in Bengaluru, Writing by Aditya Soni; Editing by Sayantani Ghosh and Shinjini GanguliAkash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections.
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