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shares fell 6% in premarket trading on Thursday after the company reported a second straight quarter of declining automotive sales.
Elon Musk’s electric carmaker reported a top and bottom line miss on second-quarter results, noting that automotive revenue fell 16% year-on-year to $16.7 billion.
On an earnings call, Musk said Tesla “probably could have a few rough quarters” ahead as a result of the expiration of federal electric vehicle tax credits.
“I am not saying that we will, but we could,” Musk said.
