Tesla profits plunge as automaker grapples with slumping electric vehicle sales

Mounting competition in the stuttering electric vehicle market is taking the juice out of Tesla. 

The automaker's first-quarter profit plummeted 55% as falling global sales and price cuts sliced into the EV maker's revenue and earnings. The company said Tuesday it made $1.13 billion in profit from January through March, compared with $2.51 billion in the same period a year ago. Revenue was $21.3 billion, down 9% from last year, the company said.

Tesla executives blamed the dip partly on EV sales being "under pressure as many carmakers prioritize hybrids over EVs."