Elon Musk, chief executive officer of SpaceX and Tesla, attends the Viva Technology conference at the Porte de Versailles exhibition center in Paris, June 16, 2023.
Tesla will report second-quarter results after the close of regular trading on Wednesday.
Here's what Wall Street expects, according to an average of estimates compiled by LSEG:
Earnings per share : 43 cents
: 43 cents Revenue: $22.74 billion
Revenue in the period is expected to drop 11% from a year earlier, marking a second straight quarterly decline. In early July, Tesla reported a 14% year-over-year slide in vehicle deliveries to 384,000 for the second quarter.
Deliveries are the closest approximation of EV sales reported by Tesla but aren't precisely defined in its shareholder communications.
Tesla's slump this year is partly due to a backlash against the company in the U.S. and Europe, after CEO Elon Musk spent heavily to help reelect President Donald Trump, endorsed Germany's extreme anti-immigrant AfD party, and then led the Trump administration's Department of Government Efficiency. At DOGE, Musk helped to slash the federal workforce, roll back regulations, and eliminate USAID.
Other automakers saw their electric vehicle sales increase, eating away at Tesla's market share during the second quarter.
General Motors' U.S. sales of EVs rose 111% year-over-year to nearly 46,300 units in the period for an estimated market share of 16%, still far behind Tesla.
Musk's political activism hasn't been the only factor weighing on the brand.