Tesla profits plunge as it grapples with slumping electric vehicle sales

Mounting competition in the stuttering electric vehicle market is taking the juice out of Tesla. The automaker's first-quarter profit plummeted 55% as falling global sales and price cuts sliced into the EV maker's revenue and earnings. The company said Tuesday it made $1.13 billion in profit from January through March, compared with $2.51 billion in the same period a year ago. Revenue was $21.3 billion, down 9% from last year, the company said.

Tesla blamed the decline partly on phasing in an updated version of the Model 3 sedan at its Fremont, California factory. Plant shutdowns due to shipping diversions in the Red Sea and an arson attack that knocked out power to its German factory also curtailed deliveries, according to Tesla. In another black eye for the company, Tesla said on April 19 that it is recalling nearly 4,000 Cybertrucks because of a faulty accelerator pedal. Tesla is facing increasing competition overseas and in the U.

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