Tesla's net income slumped 44% in the 3rd quarter as lower prices ate into the automaker's profits

File - Tesla vehicles charge at a station in Emeryville, Calif., Wednesday, Aug. 10, 2022. Tesla reports earnings on Wednesday, Oct. 18, 2023 LOS ANGELES — Tesla’s net income slumped in the third quarter versus a year earlier, as price reductions helped drive strong sales growth but also ate into the automaker’s profit margins

Excluding stock-based compensation, Tesla’s adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share, according to FactSet.Europe is looking to fight the flood of Chinese electric vehicles. But Europeans love themthat it sold 435,059 vehicles during the July-September period, an increase of 27% from the same stretch last year.

Tesla has been slashing prices most of this year to keep attracting buyers who now have a wider selection of electric vehicles as more automakers shift away from gasoline-powered cars and trucks. The discounts range from $4,400 on Tesla’s top-selling vehicles to as much as $20,000 on its most expensive models.

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