Tesla shares fall as Musk touts ambitious – and costly – plans

NEW YORK: Tesla reported weaker-than-expected quarterly profits on Wednesday (Jul 22) despite increased auto sales, depressing shares in after-hours trading amid questions over massive capital spending plans.Elon Musk's fast-growing electric vehicle maker reported second-quarter profits of US$1.1 billion, down about five per cent from the year-ago level. That translated into 33 cents per share compared with analyst estimates of 53 cents per share.Revenues rose 26 per cent to US$28.2 billion.Tesla had impressed market watchers earlier this month when it released higher-than-expected second-quarter auto sales, due in part to a recovery in European markets. But the company's earnings press release said profitability was dented by lower vehicle sales prices, lower revenue from regulatory credi