Tesla posts record profit despite price cuts
Sales of electric vehicles rose last year, bucking a wider decline in the global car market.
The price of the firm's shares tumbled by nearly two-thirds last year, amid concerns that the company was losing its edge, while Mr Musk was increasingly distracted by his $44bn purchase of Twitter. In the final months of 2022, revenue rose $24.3bn, up 37% compared with the same period in 2021, while profits jumped 59% to $3.7bn.
They said they believed its operating margins would remain among the highest in the industry - though warned they would shrink because of the price cuts - and that its much-anticipated cyber-truck was on track to start production later this year.
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