As Tesla ​reports smallest profit since pandemic, company plans to shift Fremont factory to production of Optimus robots

By BERNARD CONDON | Associated Press

NEW YORK — Tesla’s annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.

The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk’s promise to remain...