Tesla shares fall 8% in premarket trading after weaker-than-expected earnings

Tesla shares fall after missing Q2 earnings expectations #

Tesla shares dropped more than 8% in pre-market trade after the electric carmaker reported disappointing second-quarter earnings. The company’s automotive revenue saw a 7% year-on-year decline in the June quarter, amounting to $19.9 billion. Tesla has been facing pressure in its auto business, leading it to slash prices globally and offer discounts to boost sales. Despite remaining the top seller of electric vehicles in the U.S., the company is losing market share due to competition and an aging lineup. Elon Musk announced that Tesla is on track to deliver an affordable car in the first half of 2023 and expressed optimism about the future of autonomous driving and robotaxis.