Shares of Tesla fell 12 percent in early trading on Wednesday after an earnings release showed slumping profits in the face of strengthened competition and sluggish sales.
The earnings report fell short of Wall Street expectations for profit.
“There have been quite a few competing electric vehicles that have entered the market and mostly, they have not done well, but they have discounted their EVs quite substantially, which has made it more a bit difficult for Tesla,” Tesla CEO Elon Musk told analysts on Wednesday.
Please select this link to read the complete article from ABC News.