Tesla has reported that its net income slumped in the third quarter versus a year earlier. That came as its price cuts helped drive strong sales growth but also ate into the automaker’s profit margins. The Austin, Texas, maker of electric vehicles, solar panels and batteries on Wednesday reported net income of $1.85 billion for the July-September quarter, a 44% decline from a year earlier. Tesla has been slashing prices most of this year to keep attracting buyers who now have a wider selection of electric vehicles as more automakers shift away from gasoline-powered cars and trucks. The discounts range from $4,400 on Tesla’s top-selling vehicles to as much as $20,000 on its most expensive models.
