Tesla profits held back by Elon Musk’s pay and cheaper models

Tesla is still struggling to generate consistent profit margins from selling its electric cars, leaving it reliant on sales of regulatory credits to lift its profits, according to figures released late on Wednesday. The US electric car maker reported results that topped Wall Street’s expectations for revenue growth in the final quarter of last year but failed to hit forecasts for earnings, sending its shares lower in after-hours trading. The shortfall followed a shift in sales towards Tesla’s lower-priced Model 3 and Y. The company also blamed “supply chain instability and pandemic...