Tesla's quarterly profit drops amid rising competition, shares fall 25%
Tesla's latest earnings aren't looking great—net income fell to $1.2 billion from $1.4 billion last year, and revenue slid 12% to $22.5 billion, marking Tesla's sharpest quarterly drop in over 10 years.
Why Tesla's stock is down this year
If you follow tech or stocks, you'll notice Tesla's shares are down 25% this year.
The company is feeling the heat from tough EV rivals like BYD and some brand backlash linked to Elon Musk's political moves.
Plus, losing out on EV tax credits soon isn't helping.
Tesla can't rely on regulatory credits anymore
More EV competition and ongoing controversies are making things rough for Tesla—Cybertruck sales have been weak, and the company can't rely as much on regulatory credits anymore.
Still, Musk is keeping his hopes up for growth ahead, pointing to progress in self-driving tech as a bright spot.