Summary
Tesla reported its highest-ever quarterly revenue, with $28 billion in sales, but profits fell by 37% due to extra costs. This drop in profit happened just before shareholders are set to vote on a potential $1 trillion pay package for CEO Elon Musk.
Key Facts
- Tesla earned $28 billion in revenue for the latest quarter, a record for the company.
- Despite record revenue, Tesla's profits dropped by 37%.
- The profit drop was partly due to higher costs, including tariffs and research expenses.
- U.S. buyers rushed to buy electric cars to get a tax credit before it ended.
- Tesla's stock fell by about 3.7% in extended trading after the results.
- Elon Musk may receive a new pay package worth up to $1 trillion, based on a shareholder vote.
- Tesla's market value is about $1.4 trillion.
- Tesla faces strong competition from Chinese car companies like BYD.
