Tesla reported profits of US$787 million, down 42.7% from the year-ago period. (EPA Images pic)NEW YORK: Tesla reported a drop in third-quarter profits Wednesday but topped analyst estimates as multi-billionaire Elon Musk's electric vehicle maker invested heavily in new technologies.
Texas-based Tesla reported profits of US$787 million, down 42.7% from the year-ago period.
Besides marginally lower car sales, Tesla saw a drop in revenues from regulatory credits and energy storage, while spending on research and development jumped.
"We continue to invest in the future through R&D and Capex spend across our businesses, including SI, robotics and energy," said Tesla, referring to the Trump administration's favored term, "Super Intelligence" instead of artificial intelligence.
