Tesla posts record profit despite price cuts
Tesla is gearing up for a challenging 2023, after cutting prices to spur demand.
The electric car company, led by billionaire Elon Musk, reported record revenue and profits in the three months to December, beating expectations.
In a statement in the earnings update, the firm acknowledged "questions" about how it will be affected by higher borrowing costs and a weaker economy.
But it said it could cut prices without sacrificing profitability.
In the final months of 2022, revenue rose 37% to $24.3bn, while profits jumped 59% to $3.7bn.
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"As we progress in 2023, we know there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates," the firm said.
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