Tesla profits tumble 55% as EV sales under pressure ...Middle East

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Tesla profits tumble 55% as EV sales under pressure
New York: Tesla reported a big drop in quarterly profits Tuesday, pointing to elevated pressure on the electric vehicle market that has led to deep cost-cutting.Elon Musk’s EV company reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent.After enjoying scorching growth for most of 2022 and 2023, the electric car maker, has encountered a tougher market in recent months as more competitors have introduced rival EVs, leading Musk to multiple price cuts over the last year or so.The company, which recently announced plans to lay off more than 10 percent of its staff, has also undertaken a recall of its Cybertruck due to an acce

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