Tesla's Shares Drop as Q2 Earnings Disappoint, Prompting Concerns Over Increased Competition and Slowing Sales

Tesla shares fell more than 8% in premarket trading after the electric carmaker reported second-quarter earnings that missed expectations.

Transcript

00:00It's Benzinga, and here's what's on the block.

00:03Tesla shares fell more than 8 percent in pre-market trading after the electric carmaker reported

00:07second-quarter earnings that missed expectations.

00:10Competition is increasing, especially in China, which is one of Tesla's key markets.

00:14The company has been forced to slash prices and offer discounts amid slowing sales.

00:19Tesla remains the top electric vehicle seller in the U.S., but it is losing market share

00:22to growing rivals due to its aging sedan and SUV lineup and Elon Musk's controversial

00:27comments.

00:29Tesla plans to introduce a new affordable mass-market car in the first half of 2025

00:33to boost sales.

00:34Elon Musk envisions driverless robo-taxis generating revenue for Tesla owners and promises

00:39the first ride next year.

00:41For all things money, visit Benzinga.com.