- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
Tesla reports record profits, confirms long-term outlook
Tesla reported another round of record quarterly profits Wednesday while confirming its long-term growth outlook in spite of concerns about rising competition and macroeconomic headwinds.
Elon Musk's electric vehicle (EV) company reported fourth-quarter profits of $3.7 billion, up 59 percent from the year-ago period as revenues jumped 37 percent to $24.3 billion.
The results were fueled by a 31 percent rise in vehicle deliveries compared with the year-ago period.
The EV giant, which startled investors earlier this month by announcing vehicle price cuts in the United States and Europe, acknowledged challenges such as rising interest rates and an "uncertain macroeconomic environment."
Tesla's response includes "accelerating our cost reduction roadmap and driving towards higher production rates," the company said in its earnings release.
"In any scenario, we are prepared for short-term uncertainty," said Tesla, while adding that its "relentless cost control and cost innovation" positions it to navigate the year 2023 better than rivals.
The company has described its long-term buildup as seeking to chalk up production growth of 50 percent per year, with some years faster and some years slower.
Tesla employed similar language in its earnings release Wednesday, but said it would reach 1.8 million vehicles in 2023, about 31 percent above the 2022 production of around 1.4 million vehicles and 37 percent above the 2022 deliveries of 1.3 million.
However, Tesla said the 2023 projection of 1.8 million vehicles as "ahead of its long-term" target, raising questions about the figure.
Shares of Tesla have fallen about 50 percent from their year-ago level, reflecting worries about the introduction of EVs from other automakers, the drag from a slowing economy and anxiety that Musk's other pursuits such as Twitter are hindering the company.
Musk's $44 billion acquisition of Twitter was just one of the myriad controversies surrounding the unpredictable billionaire.
The Tesla chief has been in court this week addressing another thorny matter, a lawsuit filed by investors who argue that Musk's statements in 2018 about potentially taking Tesla private were fraudulent and responsible for their losses.
Musk testified this week that a tweet about taking Tesla private at $420 a share was no joke and that Saudi Arabia's sovereign wealth fund was serious about helping him do it.
Shares of Tesla rose 0.7 percent to $145.50 in after-hours trading.
O.Salvador--PC