Tesla Profit Doubles From Tax Effect, but Price Cuts Hurt

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Tesla’s profit more than doubled during the last three months of 2023 compared with a year earlier after the electric carmaker booked a tax benefit. But profit from car sales slumped after Tesla cut prices to fend off increasingly intense competition, the company said on Wednesday.

Profit in the fourth quarter was $7.9 billion, up from $3.7 billion a year earlier, after Tesla booked a $5.9 billion tax benefit. Without that, profit would have slumped. The company made $1.9 billion in the third quarter of 2023.

Tesla has slashed prices for the two cars that make up the bulk of its sales — the Model 3 sedan and the Model Y sport utility vehicle — as automakers like BYD, in China, and General Motors, Hyundai, Ford Motor and Volkswagen, in the United States and Europe, have begun selling more electric vehicles.

The price cuts have helped Tesla sell more cars and forced other carmakers to respond, helping to make electric vehicles more affordable. But the cuts have weighed on Tesla’s profit. In 2022, Tesla was one of the most profitable carmakers in the world, but its margins are now comparable to those of other large rivals.

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Tesla Profit Doubles From Tax Effect, but Price Cuts Hurt

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