Tesla’s profit drops 45% amid price cuts

In the second quarter, Tesla experienced a 45 percent decline in profit compared to the same period last year, now at $1.5 billion. The decrease is attributed to price reductions and investments in artificial intelligence and technology. Although Tesla’s quarterly revenue rose by 2 percent to $25.5 billion, the number of cars sold decreased from the previous year but showed an increase from the first quarter of this year. Tesla remains committed to advancing AI and self-driving car technology. This announcement follows a delay in Tesla’s robotaxi event and as CEO Elon Musk becomes more active in U.S. politics, endorsing Republican candidate Donald Trump. After the earnings release, Tesla’s stock fell by 2.5 percent.