Tesla’s Profit Tumbles as Costs Undermine Record EV Sales

Tesla Inc.’s profit plunged despite a record quarter of vehicle sales, reflecting ongoing strains on the automotive business that Chief Executive Officer Elon Musk is shifting focus away from.

Musk spent much of Tesla’s third-quarter earnings call discussing ambitious but opaque initiatives, including humanoid robot and artificial intelligence programs, and also pleaded with investors to back his trillion-dollar compensation package. But he offered few details about how Tesla will revive its core business selling electric vehicles after a 40% drop in operating profit.