NEW YORK — Tesla reported a hefty drop in second-quarter profits on Tuesday due to the effect of price cuts while spending aggressively on autonomous driving and other technology.
Elon Musk's electric vehicle company reported profits of $1.5 billion, down 45 percent, on revenues of $25.5 billion, which were up 2 percent behind an increase in its energy generation and storage business. Tesla 's earnings per share missed analyst expectations, while revenues exceeded them.The results are the latest in a rough patch for Musk's EV titan as it contends with rising competitive pressures that prompted a string of price cuts across leading markets.
The outspoken Musk has a history of making bold predictions about the prospects for autonomous vehicles, saying conventional autos will one day be as obsolete as a horse and buggy.But Musk has fallen short of projections about the time frame for self-driving technology after previously predicting the company would achieve the breakthrough by 2018.
Reports Profit Drop On Price Cuts Lower Vehicle Sales
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