Tesla's Profit Declines Amidst Increased Spending on AI and R&D
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Tesla reported a 43% year-over-year decline in third-quarter net profit, with revenues remaining largely unchanged. The company attributed the decrease to lower average selling prices, battery supply constraints, and increased spending on artificial intelligence projects, research and development, and general administrative expenses. Despite the profit drop, Tesla's revenue met market expectations, and the company ended the quarter with its largest backlog of passenger vehicle orders in four years.
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