A 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Littleton, Colo. David Zalubowski/AP
David Zalubowski/AP
Tesla’s profit dropped 46% year over year, the company revealed in its earnings update Wednesday evening.
That was not exactly a surprise — in fact, it was better than most analysts had expected. Tesla had already reported sales for the quarter, which showed the continuation of a slump that stretched through much of the year. More revenue from other parts of the company, like a growing energy storage business, haven’t made up for the fact that Tesla’s not