up 20% from the previous year, Tesla's profits were significantly higher than anticipated.

Despite price reductions having an impact on revenue per vehicle,

 the company's profit margin was 18.2%, which was higher than expected.

Revenue from the automotive industry surged by 47%,

a sign of rising demand for Tesla vehicles at reduced pricing.

Tesla keeps boosting demand for its vehicles by lowering their pricing.

The growing competition in the EV industry and rising borrowing rates.

This year, Tesla hopes to sell 1.8 million vehicles, a 37% increase over 2017.