Tesla's shares declined 1.74% for week, two days after posting lower profits for a third straight quarter amid increased competition and loss of tax credits.

Tesla shares fell 8% on Thursday after the company reported its second consecutive quarter of declining auto sales and missed revenue estimates, according to CNBC. Automotive revenue dropped 16% year over year to $16.

What Happened? Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) jumped 3.9% in the afternoon session after CEO Elon Musk backed a claim that the company could reach a staggering $20 trillion valuation.

Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.

Tesla stock falls more than 6% pre-market after Q2 earnings call. Sales decline, EV incentives end, and new Model Y trim disappoints.

Tesla reported its Q2 earnings, which most investors already believed would show signs of continued decline of its core business. However, judging how the market would react was a

Tesla's shares sank nearly 7% in premarket trading as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.

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.

Earnings are expected to be around $0.44 per share, according to consensus estimates, reflecting a 15% drop compared to the previous year, while revenues are anticipated