Tesla's first-quarter net income tumbles 55% as falling global sales and price cuts reduce profits

Tesla’s first-quarter net income plummeted 55% as falling global sales and price cuts sliced into the electric vehicle maker’s revenue and profit margins. The Austin, Texas, company said it made $1.13 billion from January through March compared with $2.51 billion in the same period a year ago. Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles. Excluding one-time items, Tesla made 45 cents per share, falling short of analyst estimates of 49 cents. Tesla said in a letter to investors Tuesday that its vehicle sales growth “may be notably lower” than last year as it works on the launch of its next generation vehicle and unidentified other products.