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Elon Musk’s Tesla reported a 24% drop in first-quarter profit and missed market estimates for total gross margin on Wednesday, throttled by a series of aggressive price cuts meant to spur demand in a sagging economy and fend off rising competition.
Elon Musk-led Tesla reported a total gross margin of 19.3%, compared with expectations of 22.4%, according to analysts polled by Refinitiv.
