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Tesla reported its first quarter earnings during an incredibly shaky moment for the company in which sales numbers and the stock price have both fallen. Against this backdrop, Tesla reported $1.1 billion in net income on $21 billion in revenue, down 9 percent from $23.3 billion the same time last year.

The company’s profits, once the envy of the auto industry, are at their lowest in six years thanks to rampant price cutting and slowing demand. Earlier this week, the company approved its latest price cuts for the US, China, and Germany — all major markets for the EV maker.

Tesla’s Q1 operating margins are 5.5 percent, down from 11.4 percent in Q1 2023. In a note to shareholders, the company blames an industrywide shift from…

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