Tesla's Q2 revenue of $22.5 billion fell short of expectations. The narrative of Robotaxi cannot hide the sharp drop in deliveries.

Tesla announced its earnings after the market close. Here is a comparison between the company's performance and analysts' expectations from LSEG: adjusted earnings per share: 40 cents, expected 43 cents; revenue: $22.5 billion, expected $22.74 billion. In early July, Tesla announced that second-quarter car deliveries were 384,000, a 14% year-on-year decline. Musk's political activities are not the only factor affecting the brand. Tesla has postponed the production of the more affordable "Model 2" electric car, while other car manufacturers now offer a wider range of models. Bulls believe that the launch of Robotaxi is a positive signal for the company, but analysts at Bank of America warned in a recent report that its "financial impact is minimal in the short term." Barclays analysts said in an earlier report this month that Tesla is showing "weak fundamentals" before the earnings report. However, they also wrote that shareholders are still eagerly anticipating Tesla's "Robotaxi narrative," and the institution rates Tesla stock as a hold.