Tesla reports record profits, confirms long-term outlook

14 days ago Deccan Herald

Tesla reported another round of record quarterly profits Wednesday while confirming its long-term growth outlook in spite of concerns about rising competition and macroeconomic headwinds. The results were fueled by a 31 per cent rise in vehicle deliveries compared with the year-ago period. The EV giant, which startled investors earlier this month by announcing vehicle price cuts in the United States and Europe, acknowledged challenges such as rising interest rates and an "uncertain macroeconomic environment." The company has described its long-term plan as seeking to chalk up production growth of 50 per cent per year, on average. Tesla confirmed plans to launch production of its Cybertruck in 2023 at its massive Texas plant.
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