CEO Elon Musk warned of potential declining electric vehicle (EV) sales for a second consecutive year, which disappointed investors. He indicated that the upcoming quarter might be challenging once U.S. federal tax credits for EVs expire. After launching a new robotaxi fleet in Austin, Tesla reported only 7,000 driverless miles logged, averaging 20 miles per car each day. Investors seeking detailed milestones for the robotaxi service expressed disappointment during the earnings call, causing Tesla shares to drop by 6.5% following the announcement of weak Q2 results, including a significant drop in net cash generated.
Tesla has little to show for its ambitious plans, logging only 7,000 driverless miles in a month, averaging 20 miles per car daily. Investors expected more.
Following disappointing earnings results, Tesla shares fell 6.5% amidst concerns over declining EV sales and a lack of clarity regarding future plans from CEO Elon Musk.
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