Overview

• Q2 revenue fell 12 percent to $22.5 billion and net income dropped 16 percent to $1.17 billion as deliveries slipped 13.5 percent to 384,122 vehicles
• Elon Musk warned of “hard quarters” ahead after missing analyst revenue estimates
• In June, Tesla began a limited robotaxi service in downtown Austin using modified Model Y vehicles with safety drivers aboard
• Project E41 will introduce an entry-level Model Y priced roughly 20 percent below the current base variant
• The expiration of US federal EV tax credits in September and rising competition from Chinese and European automakers are weighing on Tesla’s near-term outlook