Tesla earnings nearly halved as price cuts put pressure on profits

CEO Elon Musk blames ‘bit of a hangover’ from rivals’ discounting but insists challenges are ‘fairly short-term’

Earnings at Tesla almost halved as discounts and price cuts pile pressure on the electric carmaker’s profit margins.

Elon Musk, the company’s CEO, blamed “a bit of a hangover” after rivals cut prices “very substantially, which has made it a bit more difficult for Tesla”.