Tesla shares took a hit Thursday after the company reported a 16% decline in automotive sales and a 12% decline in total revenue for the second quarter compared with one year ago.

The focus on automation comes amid weak EV sales in the US and Europe, where Tesla has lost market share to rivals such as BYD and Volkswagen. As per Reuters, Musk’s public political endorsements in Europe have alienated some consumers, adding to sales headwinds.

Tesla Stock Is Down. A New Trim Isn’t a New Model. Tesla stock fell again in early trading Friday, extending its post-earnings drop.

Tesla's market cap fell below $1 trillion, but it still reflects investors' assumptions of enormous future growth.

On Thursday, Cathie Wood-led Ark Invest made significant trades, prominently featuring the purchase of Tesla Inc. (NASDAQ:TSLA) shares across multiple ETFs.

Meanwhile, another artificial intelligence (AI)-powered transportation stock has rocketed higher this year, partly due to its emerging autonomous driving business. Lately, the stock seems to go up when Tesla goes down and vice versa. Is it the ultimate threat to Tesla's autonomous driving ambitions?

Elon Musk had more bold projections for Tesla's robotaxi. But investors didn't get much insight on the Austin launch during Wednesday's earnings call.

Tesla's share price closed Thursday's session following the announcement of its June quarter results 8.20% lower at $305.30. Following the sharp selloff yesterday, Tesla's market capitalisation also declined $984.