The automaker reported a 14.4% decline in vehicle production and a 4.8% decline in sales on an annual basis, which led to a 7% annual decline in vehicle revenue to $19.9 billion.
But Tesla’s battery and solar divisions performed strongly, generating $3 billion in revenue.
Overall, Tesla’s revenue rose 2% year over year to $25.5 billion, while gross profit rose 1% to $4.5 billion. Despite these gains, net income fell 45% to $1.5 billion, and operating margin fell 33% to 6.3%. Operating expenses rose 39% to $3 billion, and capital expenditures rose 10%.
Source: Ferra
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