Tesla shares fell 8% on Thursday after the company reported its second consecutive quarter of declining auto sales and missed revenue estimates, according to CNBC. Automotive revenue dropped 16% year over year to $16.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.

Revenues are declining, the boss is facing a brand problem, and competition in the electric vehicle space is only getting more fierce.

Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.

Tesla stock falls more than 6% pre-market after Q2 earnings call. Sales decline, EV incentives end, and new Model Y trim disappoints.

The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.

Tesla reported another quarter of reduced profits after Elon Musk’s stint in the Trump administration. The president’s tax bill creates new business challenges.

Tesla reported weaker-than-expected second-quarter results, missing both top and bottom line estimates, as automotive revenue dropped 16% year-on-year to $16.7 billion.

Tesla shares jumped Wednesday after the EV maker released its quarterly delivery numbers, rebounding from a steep decline the previous session sparked by the feud between CEO Elon Musk and President Trump.

Earnings are expected to be around $0.44 per share, according to consensus estimates, reflecting a 15% drop compared to the previous year, while revenues are anticipated

Due to Tesla's innovation and diversification, 24/7 Wall St. sees strong upside potential for the stock by the end of the decade.