Tesla shares see worst daily slump in 6 months after weak results

By Ovunc Kutlu

ISTANBUL (AA) - Tesla shares were down more than 10% on Wednesday, heading for the worst daily performance since January after the company posted weak second-quarter financial results.

The American electric carmaker's stock price was trading at $219.84 at 2.48 p.m. EDT on the Nasdaq, down 10.77% after closing Tuesday at $246.38.

The price plummeted to as low as $214.71 during the session.

Tesla stock's worst daily performance was Jan. 25 when it posted a daily decline of 12.13%, according to official figures.

The sudden decline in the stock price comes as Tesla saw its income plummet 45.2% to nearly $1.48 billion in the second quarter, compared to approximately $2.7 in the same period last year, according to its financial results released Tuesday after the closing bell.

Income from operations declined 33% year-on-year, while revenues were up just 2.4% to $25.5 billion from $24.9 billion.

Tesla said earlier this month that it produced more than 410,000 vehicles and delivered nearly 444,000 in the second quarter.

The figures, however, were lower compared to the second quarter of 2023.

In the April-June period of last year, the company produced 460,211 Model 3/Y vehicles and delivered 446,915.