Tesla's profit dropped 45% in Q2, earning $1.5 billion compared to $2.7 billion last year.
Sluggish electric vehicle sales contributed to the sharp decline in Tesla's quarterly profits.
Rising competition in the electric vehicle market impacted Tesla's sales performance and profitability.
Economic uncertainties affected consumer spending, leading to decreased demand for Tesla's electric vehicles.
Tesla faced production bottlenecks and supply chain disruptions, hampering its ability to meet sales targets.
Price reductions on several Tesla models to stay competitive squeezed profit margins significantly.
Ramp-up costs for new factories in Texas and Germany further impacted Tesla's profitability.
Tesla is focusing on improving operational efficiencies to address current production and sales challenges.
The company aims to scale production capabilities to better meet global E.V. demand.
Plans to enhance autonomous driving technology are part of Tesla's strategy to attract more customers.
Tesla is optimistic about future prospects, with plans to introduce new E.V. models to the market.