Tesla is discontinuing the Model S sedan and Model X crossover — luxury vehicles that put the company on the map but which have become long in the tooth by automotive standards. Why it matters: Tesla CEO Elon Musk is maneuvering the company to focus much of its time and capital on its AI ambitions,

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.