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Tesla annual profit plunges to lowest level since pandemic
['Mr Kipling']
Japan Today
By BERNARD CONDONTesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion.
Still, Tesla investors have kept the faith in Musk.
For the fourth quarter of last year, Tesla's net income also plunged, down 61% to $840 million, or 24 cents.
Others are also excited about Tesla energy storage business, which posted strong numbers last quarter with revenues surging 25% to $3.8 billion.