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Tesla’s stock plunged after the company reported a 40% drop in second-quarter profits compared to a year ago. The electric vehicle (EV) giant is facing increased competition from established automakers and a slowdown in overall EV sales growth.
This profit decline is a significant shift for Tesla, which had grown to be the world’s most valuable automaker through rising sales and profitability. The results highlight Tesla’s challenges as it now faces more intense competition from both domestic and international rivals. With the EV market maturing, consumer interest growth has slowed.
Tesla (TSLA) shares fell about 12% on Wednesday morning, impacting the broader market. Year-to-date, Tesla’s stock had been down about 1% through Tuesday’s close, after falling as much as 44% earlier this year.
In the second quarter, Tesla reported an adjusted income of $1.8 billion, or 52 cents per share, falling short of analysts’ expectations of 61 cents per share and down from 91 cents per share a year earlier. Profit margins also declined significantly due to a series of price cuts on EVs.
This period marked the second consecutive quarter of year-over-year sales declines for Tesla, a first in the company’s history. The only previous sales decline occurred early in the pandemic when factory shutdowns were enforced.
Tesla did not provide a new sales target for the full year but warned that the vehicle volume growth rate in 2024 might be lower than in 2023. CEO Elon Musk downplayed the competition from other automakers, stating it posed only a short-term issue and reiterated Tesla’s belief in a fully electric transportation future, including planes and ships.
Musk also announced that details on fully-automated robotaxis would be released in October, rather than the previously planned August. Currently, Tesla’s “Full Self-Driving” feature still requires drivers to be ready to take control. Regulatory and technical challenges remain before Tesla can offer driverless robotaxis.
Musk expressed optimism about achieving fully autonomous robotaxis by the end of this year or next year, though he acknowledged past overly optimistic predictions. Tesla is under federal investigation for some of Musk’s claims about Full Self-Driving capabilities and has faced a Department of Justice inquiry.
Musk also announced that Tesla’s plans to build an assembly plant in Mexico are on hold. The plans, announced over a year ago, have been paused until after the presidential election due to the threat of tariffs on vehicles imported from Mexico by Republican nominee Donald Trump. Musk, a strong Trump supporter, endorsed him and reportedly pledged tens of millions of dollars toward his re-election efforts. Trump had previously vowed similar tariffs in 2019 but did not follow through.
