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Tesla's first-quarter net income plummeted 55% as falling global sales and price cuts sliced into the electric vehicle maker's revenue and profit margins.
Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles.
CEO Elon Musk says Tesla plans to build “affordable models” at the BEV maker's plants in China, Germany, California and Texas.
Tesla’s bad year got worse this week, with Elon Musk’s electric vehicle company reporting a staggering loss in earnings as EV sales plummet.
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