The net profits of the company owned by the American billionaire Elon Musk decreased by about 24 percent on an annual basis during the first quarter of this year, as the company’s net profits amounted to $ 2.51 billion.
Earnings per share for Tesla were 73 cents, which is about 23 percent less than in the first quarter of 2022.
The decline in Tesla shares, which touched an 11 percent decline, bringing the share price to $161.67, is the biggest decline in the share this year.
The famous company had announced the reduction of the value of its car models 6 times in the United States during the current year, as it reduced the value of its “Model 3” by 11 percent, and the value of “Model Y” by 20 percent.
Analysts from “Oppenheimer” said that Tesla may benefit over time from the announced reductions in the prices of its cars, by increasing its market share, but the pressures on the company’s performance will remain a source of concern for investors in the near term.
Tesla shares are still up from last year’s poor performance.
From the beginning of the year until the end of Wednesday’s trading, the company’s shares had risen by 47 percent.
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