Price cuts cause Tesla first-quarter income and profit margins to fall

A 2018 Model X 100d sits on a Tesla dealer’s lot (David Zalubowski/AP)

Price reductions across the model line-up cut into Tesla’s first-quarter net income, causing it to fall 24% from a year ago.

The electric car and solar panel company, based in Austin, Texas, said on Wednesday it made 2.51 billion dollars (£2.01 billion) from January through to March, down from 3.32 billion dollars (£2.67 billion) a year ago.