Under pressure from increasing competition and an uncertain economy, Tesla has cut prices and increased discounts and other incentives to reduce inventory.
Shares of the Austin, Texas-based automaker rose 2% after briefly falling 2% in trading after the bell.
Tesla said in a statement on Wednesday it was focusing on reducing costs and on new product development, and that the “challenges of these uncertain times are not over.” Lower pricing, along with government tax breaks for EV buyers in the United States and elsewhere, drove Tesla’s deliveries to a On an adjusted basis, Tesla earned 91 cents per share. Analysts had expected a profit of 82 cents per share, according to Refinitiv IBES data. It was not immediately clear if the numbers were comparable.
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