NEW YORK (AP) — Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it ceded the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.
The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row with a steep drop in profit. The decline came despite the introduction of cheaper models and Musk’s promise to remain laser-focused on the company after a foray into U.S politics.
Still, Tesla investors have kept the faith in Musk. The stock is up 9% in the past year.
Musk has been urging investors to focus less on car sales and more on what he considers a bright new future of robotaxis ferrying millions around in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents. Investors and analysts expect to hear more from Musk on those plans in a conference call later Wednesday.
For the fourth quarter of last year, Tesla’s net income dropped 61% to $840 million, or 24 cents. Excluding one-time charges, net income totaled 50 cents per share, compared to analysts forecast of 45 cents.
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