Tesla Q1 income falls 24% as EV price cuts squeeze profits

Tesla reported Wednesday net income of $2.51 billion in the first quarter, a 24% drop from the same period last year as the company’s EV price-cutting strategy cut into profits.
Tesla has repeatedly reduced the price of its four EVs — the Model S, Model X, Model Y and Model 3 — in the United States as well as Europe and China. That strategy has helped boost sales with revenue in the first quarter reaching $23.3 billion, a 24% pop from the same period last year. The company reported in
But it has also squeezed the automaker’s traditionally robust automotive gross margins

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