Tesla misses profit target and reports first cash burn in two years

NEW YORK — Tesla reported weaker-than-expected quarterly profits on Wednesday, citing a hit from lower vehicle prices despite increased auto sales.

Tesla also reported big jumps in operating expenses and capital expenditures as it poured money into new technologies like self-driving taxis that do not yet generate significant revenue.

Tesla profits plunge as discounts on EV models weigh on results

It did not offer a reason for pushing back volume production of the new Megapack, or say whether there are any holdups around Optimus.