Tesla profit at lowest level since Covid

Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle (EV) maker to a Chinese rival and boycotts hammered sales.

The EV company run by Elon Musk reported Wednesday that net income last year dropped 46 percent to $3.8 billion. It was the second year in a row of steep declines.

The drop came despite the introduction of cheaper models and Musk’s promise to remain laser-focused on the company after a foray into US politics.

For the fourth quarter of last year, Tesla’s net income also plunged, down 61 percent to $840 million, or 24 cents. Still, Tesla investors have kept the faith in Musk.

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The stock is up 9 percent in the past year.