The fallout from Elon Musk's plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter.

Tesla still hasn’t released a lineup of newer, cheaper EVs to compete with China’s BYD for markets outside the US.

Good morning. Tesla falls short of Wall Street estimates as scandal and competition take a toll. Adani Group scraps its super app ambitions. And Nintendo’s Switch 2 notches another high score. Listen to the day’s top stories.

The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.

The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter.

Tesla (TSLA) reported second quarter results that fell short of Wall Street estimates on both the top and bottom lines. Adjusted earnings of $0.40 per share fell short of the Bloomberg consensus estimate of $0.

Tesla reported another drop in quarterly profits Wednesday as CEO Elon Musk warned the company could face a few "rough" quarters following the elimination of federal tax credits for electric