Tesla’s annual profit plunged to its lowest level since the pandemic as it ceded the title of the world’s biggest electric vehicle 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% to $3.8 billion. It was the second year in a row with a steep drop in profit. The decline came despite the introduction of cheaper models and Musk’s promise to remain laser-focused on the company after a foray into U.S politics. Still, Tesla investors have kept the faith in Musk. The stock is up 9% in the past year.
