But profits fell 26 per cent to £2.2billion fuelling concerns that a series of price cuts instigated by boss Elon Musk is taking its toll. Tesla is set to slash the price of its electric cars in the US for the sixth time this year. Industry insiders suggested the price cuts were likely to be the result of a fall in demand. Although Tesla’s price war has put pressure on EV start-ups such as Rivian Automotive and Lucid Motors as well as traditional rivals including Ford and General Motors, it has also raised fears about the company’s industry-leading margins. ‘We’re not starting a price war.

Source: Daily Mail April 19, 2023 21:57 UTC