Tesla reported that its profit margin had fallen to the lowest level in four years. The company said its gross profit margin fell to 18.2% for the three months to the end of June, down from 26.2% for the same period last year. Earlier this year, Mr Musk said he believed pursuing higher sales, with lower profits, was the “right choice” for Tesla. The firm has lowered prices in markets including the US, UK and China to compete with rival manufacturers. Earlier this month, the company said it delivered a record number of vehicles in the three months to the end of June. On Wednesday, Japanese motor industry giant Nissan said its EVs in the US and Canada would be equipped with Tesla-developed charging ports from 2025. Is Tesla struggling to compete in the market?
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