Tesla Profits Down by 46% Amid Slump in Electric Car Sales

Tesla's second-quarter financial results show a decline in net income, with $1.48 billion compared to $2.7 billion in the same period last year. However, revenue rose 2% to $25.5 billion, beating Wall Street estimates. Automotive revenues decreased by 7% year-over-year to $19.9 billion, while sales of batteries and solar products doubled. CEO Elon Musk attributed the decline in automotive sales to a "hangover" caused by rivals cutting prices substantially. Despite this, Tesla is focusing on its plans for robotaxis, artificial intelligence, and humanoid robots, with production of its next-generation Roadster sports car scheduled to begin next year.