Illustration: Alex Castro / The Verge
Tesla published its first quarter earnings report in which the company said it earned $2.9 billion in net income on $23.3 billion in revenue. That represents a 24 percent increase year over year compared to $18.7 billion in revenue in Q1 2022.
Most importantly, the company’s gross margins fell to 19.3 percent, a sign that its rampant price cutting was starting to take a toll on its bottom line.
