Musk said that half the US population could have access to a Tesla robotaxi by the end of 2025. That’s a huge leap from the company’s current limited rollout.

The electric vehicle giant reported a 12% year-over-year drop in revenues, which fell to $22.5B for the April to June quarter, according to its earnings report released Wednesday. That marks the sharpest quarterly revenue decline in more than a decade, according to Reuters.

Politics. Elon Musk and other Tesla executives talked about the negative impact of President Donald Trump’s tariff policy and tax bill, but Musk didn’t grab the chance to tout the “America Party” he said he was starting earlier this month.

Elon Musk's Tesla Diner, a classic diner and EV charging station all in one, opened Monday in West Hollywood, California.

Analysts estimate that the company earned $1.2 billion from April to June, according to Bloomberg, down from $1.4 billion a year ago. Sales are expected to have fallen to $22.6 billion from $25.5 billion in the second quarter of 2024. Tesla has not reported an increase in quarterly profit since the third quarter of 2024.

A dynamic is emerging among Elon Musk’s Tesla, SpaceX, and xAI, fueling talk of consolidation. That isn’t necessarily a problem for Tesla shareholders.

Tesla's earnings are due today with an investor call at 5:30 p.m. ET. Elon Musk's politics have rocked TSLA stock, with shares down 18% YTD.