Tesla Q2 earnings

Ericsson Nikola Tesla reported a significant drop in sales revenue, down 21.1% year-over-year to 108.9 million euros, attributed to the non-renewal of a contract with Hrvatski Telekom and reduced investments in telecom infrastructure. In the automotive sector, Ford announced plans to assemble F-Series Super Duty pickups in Ontario, aiming for a production increase of up to 100,000 units by 2026. Tesla's second quarter results fell short of expectations, with a 12% drop in shares following a 45% decline in net income compared to the previous year. The company's profitability from EV sales reached its lowest level in five years, and Tesla's growth for 2024 is projected to be significantly lower than in 2023, affecting investor sentiment. Despite challenges, analysts see potential in Tesla's upcoming affordable EVs and the Robotaxi launch planned for October. Overall, the mixed results from Tesla highlight ongoing volatility in the EV market, with analysts divided on future performance.