Tesla's second-quarter profit fell by 45% compared to the same period a year ago, highlighting weak electric vehicle sales and the prolonged time needed for ROI on emerging tech investments.
Tesla saw a decline in overall electric car sales by nearly 5% in the second quarter and a 14% drop in production, amidst increasing competition in the EV market from other manufacturers.
Despite the decline in car sales, Tesla reported positive news such as selling nearly $900 million in regulatory credits and doubling battery system sales to $3 billion in the second quarter.
Elon Musk's conservative politics may have impacted Tesla's struggles as the company faced competition in electric vehicle production from other regions, reducing its market share under 50% in the U.S. from nearly 60% a year earlier.
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