Teslas profits are being sunk by a tide of electric cars [Video]

There is an interesting contrast between the first-quarter results of two of the world’s biggest automakers, and it says a lot about the state of the market for electric vehicles.

Tesla’s March quarter numbers were, as expected, awful. Indeed, they were worse than forecast. The results of American industry stalwart General Motors (GM), however, surprised on the upside.

While Elon Musk had to announce that his company’s earnings had more than halved from the same quarter last year, tumbling 55 per cent to $US1.1 billion ($1.7 billion) after a 9 per cent drop in sales, his GM counterpart, Mary Barra, was able to unveil a 24 per cent jump …