FILE PHOTO: Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo
(Reuters) - Tesla said on Wednesday its fourth-quarter gross margin shrank from a year earlier as it cut prices and offered incentives to boost demand for its electric vehicles.
The company reported a gross margin of 17.6% for the three months ended December, compared with 23.8% a year earlier, and analysts' average estimate of 18.3% according to LSEG data.
In the third quarter, Tesla posted gross margin of 17.9%.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)
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