Profit in the fourth quarter was $7.9 billion, up from $3.7 billion a year earlier, after Tesla booked a $5.9 billion tax benefit. Without that, profit would have slumped.
The price cuts have helped Tesla sell more cars and forced other carmakers to respond, helping to make electric vehicles more affordable. But the cuts have weighed on Tesla's profit. In 2022, Tesla was one of the most profitable carmakers in the world, but its margins are now comparable to those of other large rivals.
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