Tesla’s Q2 profit plunges 45% as EV price war takes its toll
Tesla released its second-quarter financial report, recording a revenue of $25.5 billion for the quarter, a year-over-year increase of 2%. The net profit attributable to common shareholders was $1.48 billion, down 45% YoY. Tesla delivered 444,000 vehicles worldwide in the second quarter, a YoY decrease of 4.8%, marking the second consecutive quarter of declining vehicle sales. Due to factors such as price cuts and promotions, Tesla’s automotive revenue for the second quarter fell 7% YoY to $19.9 billion.