Tesla reports steep drop in profits despite US rush to buy electric vehicles

Despite record vehicle sales, Tesla saw a precipitous drop in profit in its most recent quarter.A rush to buy electric vehicles before a US tax credit for them disappears had boosted Tesla’s flagging sales, leading to the automaker exceeding some of Wall Street’s projections in its most recent financial quarter. Yet the company failed to meet earnings expectations and its stock fell in after hours trading.Tesla reported third-quarter earnings of 50 cents a share on Wednesday after market close, less than th ...