Tesla profit falls nearly 50% as demand and China headwinds persist

PALO ALTO, California — Tesla reported a third straight quarterly profit drop on Tuesday as the U.S. electric-vehicle maker faces weakening EV demand in key markets, including China, where it faces growing competition from such local players as BYD.

Revenue fell 9% on the year to $21.3 billion for the three months ended March. Net income dropped 48% to $1.5 billion from the year-earlier $2.9 billion.