Tesla’s net income slumped 44% in Q3 as lower prices hit profits

Tesla has been slashing prices most of this year (AP)

Tesla’s net income slumped in the third quarter versus a year earlier, as price reductions helped drive strong sales growth but also ate into the carmaker’s profit margins

The Texas-based maker of electric vehicles, solar panels and batteries reported net income of 1.85 billion dollars for the July-September quarter, a 44% decline from a year earlier.