Tesla reports significant profit drop in final 2024 quarter
Tesla's earnings fell to $2.3 billion from $7.9 billion, amid rising competition and despite a slight sales increase to $25.7 billion
Tesla reported a significant decrease in profit for the final quarter of 2024, with earnings dropping to $2.3 billion from $7.9 billion the previous year, though the latter figure was boosted by a one-time tax benefit of $5.9 billion. This decline in profit, by 23% excluding the special gain, comes as competitors from China, Europe and the United States make inroads into Tesla's leading position in the electric vehicle market.
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