PALO ALTO, California — Tesla reported a fourth straight year-on-year quarterly profit drop on Tuesday as the U.S. electric-vehicle maker faces weakening EV demand in key markets, including China, where heated competition has pushed local players like BYD to cut prices.
Meanwhile, the recent tariff hikes announced by the U.S. and the European Union on China-made electric vehicles have put its most cost-efficient plant — Gigafactory Shanghai — in jeopardy of losing its status as Tesla’s main export hub.