Tesla said Wednesday that its profit sank in the third quarter after it cut car prices to lift sales. Profit fell to $1.4 billion from $2.2 billion a year earlier, a drop of 37 percent, the company said. Sales rose to $28.1 billion from $25.2 billion.

Tesla's profit actually fell 37% compared to the same period last year, despite buyers rushing to take advantage of the expiring EV tax credit.