Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.

One of the more glaring omissions from Tesla’s late Wednesday earnings was that the EV maker Tesla did not update its 2025 outlook as promised.

Gordon Johnson, CEO and founder of data firm GLJ Research, who is bearish on Tesla, said the boost in revenue from government credits afforded the company a financial lifeline eve

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Tesla shares plunged as much as 10% in early trading Thursday as investors digested another dismal quarter of car sales – and CEO Elon Musk’s admission that slump may not end anytime soon.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.