Tesla’s second-quarter margin dipped as price cuts and incentives to spur sagging demand continued to hurt the bottom line while the company intensifies its self-driving technology efforts, it said Tuesday.
Elon Musk’s Tesla recorded automotive gross margin excluding regulatory credits of 14.65% in the second quarter, compared with estimates of 16.29%, according to 20 analysts polled by Visible Alpha.
Shares of the electric-vehicle maker were down about 4% in trading after the bell.
The company on Tuesday reported revenue of $25.50 billion for the three months ended June, compared with $24.93 billion a year earlier. Analysts on average had estimated $24.77 billion, according to LSEG data.
Net income was $1.48 billion in the second quarter, compared to $2.70 billion a year ago.
