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Tesla annual profit plunges to lowest level since pandemic.
https://abcnews.go.com/US/wireStory/tesla-annual-profit-plunges-lowest-level-pandemic-129651624Tesla annual profit plunges to lowest level since pandemic.
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
By BERNARD CONDON / AP business writer
January 28, 2026, 3:37 PM
NEW YORK -- Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost 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 of steep declines. The drop 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.
Musk has been urging investors to focus less on car sales and more on what he considers a bright new future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents.
On a conference call, Musk said Tesla would be closing down production of two models, S and X, in the second quarter this year and converting a Fremont, California, factory to produce its Optimus robots.
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