Tesla boss Elon Musk doubled down on the price war he started, saying the EV maker would prioritize sales growth ahead of profit. Read on.
China sales figures worry
The company reported total gross margin of 19.3 per cent, short of market expectations of 22.4 per cent, according to 14 analysts polled by Refinitiv. Tesla said its average selling price declined in the first quarter from a year earlier, but it did not elaborate. It burned US$154 million in cash during the quarter, and would have consumed more but for a US$1.6 billion gain attributed to “proceeds from maturities of investments.”Musk in 2020 announced plans to produce a new battery cell to halve the cost of the most expensive part of an EV, but the company has been struggling to ramp up production for those cells.Article content
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