Tesla's 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans

FILE - The Tesla logo appears on an unsold 2020 Model X at a dealership, Feb. 2, 2020, in Littleton, Colo. Tesla's second-quarter net income fell 45% compared with a year ago as the company's global electric vehicle sales tumbled despite price cuts and low-interest financing. (AP Photo/David Zalubowski, File)

DETROIT (AP) — Tesla's second-quarter net income fell 45% compared with a year ago as the company's global electric vehicle sales tumbled despite price cuts and low-interest financing.

The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla's second-straight quarterly net income decline.

Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.

By Tom Krisher.
Full story at Yahoo News.