Tesla shares drop 7% in premarket trading after Q2 earnings miss

From CNBC: 2024-07-24 04:41:59

Tesla shares dropped over 8% in premarket trading after disappointing Q2 earnings, with automotive revenue down 7% year-on-year. The company has resorted to cutting prices globally amid slower sales and rising competition, particularly in China. Despite still leading in U.S. EV sales, Tesla faces challenges with an aging vehicle lineup and scrutiny over Musk’s comments. Musk has vowed to deliver an “affordable” mass-market car next year and is optimistic about launching robotaxis soon, despite past delays. Tesla’s stock performance hinges on meeting these ambitious targets.



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