Tesla's net income fell 16% year-on-year in the second quarter, as electric vehicle sales decreased by 13.5%. This followed a 71% drop in profits during the previous quarter. The company's automotive revenue declined by 16% while energy generation and storage revenue decreased by 7%. However, services revenue increased by 17%. The company is transitioning to also focus on AI and robotics, including launching a robotaxi service. Political activities from Elon Musk may be negatively impacting Tesla's reputation and sales, particularly among Democratic consumers.
Tesla reported a 16% year-on-year decline in net income during the second quarter, reflecting ongoing struggles despite earlier sales projections.
The company's electric vehicle sales fell by 13.5% compared to the same quarter last year, marking a continuing decline in performance.
Tesla is transitioning from a focus on electric vehicles to also including AI, robotics, and related services, beginning with a robotaxi service.
Musk's political activities are perceived to be impacting Tesla's car sales, particularly affecting its reputation among liberal car shoppers.
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