New York
CNN
—
Telsa profit in the second quarter plunged more than 40% from a year ago, as the electric vehicle company has faced both more EV competition from established automakers and a slowing of overall EV sales growth.
The drop in profits is a stark contrast for a company that grew to become the world’s most valuable automaker on surging sales and profitability.
The results underscore how Tesla, a pioneer in bringing electric vehicles to American drivers, now faces more intense competition from rivals at home and abroad. And with the EV market maturing, the growth in consumer interest for EVs has slowed.
Shares of Tesla (TSLA) fell about 12% Wednesday morning, dragging down the broader market. Tesla’s stock was down about 1% this year through Tuesday’s close, after falling as much as 44% earlier this year.
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