Updated January 25, 2023 at 6:22 PM ETTesla reported record profits and record revenues for 2022, as the company heads into a new year facing a number of steep challenges. Meanwhile, although the majority of electric vehicles sold in the U.S. are still Teslas, competition is rising. Electric vehicles from Ford, Chevrolet, Hyundai, Kia and Volkswagen are starting to cut into Tesla's dominant market share. Tesla kick-started an electric vehicle revolution, forcing the auto industry to spend hundreds of billions of dollars to follow its path. More cars, lower pricesTesla certainly doesn't intend to cede its position at the front of the electric vehicle race.
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