US electric-car maker Tesla has reported a drop in net profit for the second straight quarter amid fierce competition with Chinese rivals and slowing demand for EVs.
Tesla said on Tuesday that net income in the April-to-June period fell 45 percent from the same quarter last year to 1.47 billion dollars.
EV sales fell, but surging income from the company’s power generation and storage business raised overall revenue 2 percent to 25.5 billion dollars.
Intensified competition with China’s BYD weighed on profits, and Tesla sold fewer vehicles worldwide than a year earlier, as demand for EVs slowed in the United States and elsewhere.
Tesla’s operating-profit margin, a key yardstick of performance, dropped by more than 3 percentage points to 6.3 percent. That was due to factors including price discounts.
Chief executive Elon Musk said during the earnings call that the unveiling of Tesla’s self-driving taxi dubbed “Robotaxi” is being delayed by two months to October.