Tesla CEO Musk Defends Price Cuts as Stock Value Drops and Competition Heats Up

Tesla reported a drop in profits and margins for Q1 2023, leading analysts and investors to worry Tesla is sacrificing profitability to boost sales.
Tesla cut prices six times this year to drive demand, but critics argue this undermines the brand and margins.
Musk says Tesla will still have the highest margins and is focused on future profits from autonomy.
Competitors may struggle to match Tesla's ability to adjust prices, but legacy automakers are working to catch up.
Musk is counting on technologies like Full Self Driving to generate more revenue, but some analysts are skeptical about the timeline.