News > Tesla's income drops 24 per cent to $2.7 billion amid EV price cuts

Tesla's income drops 24 per cent to $2.7 billion amid EV price cuts

Tesla's operating income decreased 24 per cent to $2.7 billion in Q1 2023 as the Elon Musk-run EV maker continues to cut the prices of its vehicles. However, the total revenue grew 24 per cent (year-on-year) in Q1 to $23.3 billion owing to price cuts. Tesla shares fell 4 per cent in after-hours trading late on Wednesday (April 19). In an earnings call with analysts, Musk said Tesla will start delivering its long-delayed Cybertruck in the third quarter of 2023.