Tesla stock price plummets after earnings

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Source: Dukascopy Bank SA


The stock price of Tesla started the day's trading with a -8.70% gap down to $164.85.

The stock drop was caused by the company's earnings revealing that the company's gross profit margins have reached a two year low level. Margins have been decreasing due to the company cutting prices on its models and competing with other electric vehicle makers. The most recent price cut occurred just this week.

CEO Elon Musk has commented that the company intends to concentrate on sales growth not profits.
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