Tesla's second-quarter profit falls far short of Wall Street expectations as rising costs drag down performance.

Tesla's second-quarter performance failed to meet Wall Street expectations, hitting the electric car manufacturer that is focusing on building new businesses around robots, autonomous driving, and artificial intelligence. Tesla stated on Wednesday that adjusted earnings per share were 33 cents, lower than the analysts' average expectation of 51 cents. The company also reported a negative free cash flow of $10.9 billion. Tesla CEO Elon Musk had previously warned that total spending this year would exceed $25 billion. The company is planning to boost production of cars, batteries, and robots in all six factories to fulfill his vision for the future. The impact of these investments is now gradually reflected in the company's financial performance, and investors are looking for more details. As of 4:16 PM New York time, Tesla's stock price fell by 2.8% after hours. As of Wednesday's closing, the stock has fallen by 17% year-to-date.