Tesla’s Earnings Fall as Price Cuts Weigh on Profits

Chief Executive Elon Musk warned Wednesday that Tesla would face “enormous challenges” scaling up factory production of its long-delayed Cybertruck, signaling profits could remain under pressure in the coming quarters. 

The electric-car maker reported a 44% decline in third quarter net income Wednesday, a steeper drop than Wall Street had expected, as price cuts across the company’s lineup continued to take a toll on the bottom line.