<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tesla has recorded a 23 per cent drop in adjusted net income and a 12 per cent decrease in overall revenue, with a double-digit drop in adjusted earnings for the second quarter, both worse than what Wall Street expected.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The stricter reading for net income fell 16 per cent to $USD1.2 billion ($1.8 billion).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Their core auto revenue also dropped 16 per cent. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-in-jeffrey-epstein-files-pam-bondi-told-him-reports-usa-politics/38dae500-44be-4daf-9e87-359b1a35d814" target="_blank"><strong><span>Trump told months ago 'his name was in Epstein files'</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Since 2019, regulatory credit sales alone have brought the company $10.9 million in profits, in some instances the company would have lost money annualy without them.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"These regulatory credit sales are the reason that Tesla exists today," said analyst Gordon Johnson</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Reports found revenue per vehicle dropped to $USD42,231 ($63,978) as the company made $USD500 ($757) less on each car sold. </span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/tesla-earnings-continue-to-plummet-as-net-income-drops-23-per-cent/adf68eb8-9e3d-426e-a685-56c9134be9c4" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The drop in sales has been largely attributed to Tesla CEO Elon Musk's political activities as well as increased competition in the electric vehicle market, particularly from China.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/judge-sentences-bryan-kohberger-to-life-in-prison-for-murdering-four-university-of-idaho-students/19886e7a-e274-4c31-8c41-ba0a4db1eb6c" target="_blank"><strong><span>'Less than human': Killer of four US uni students sentenced</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tesla sales continue to drop in markets where EV sales are rising overall.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company is set to lose its title of the world's largest EV builder to BYD, a Chinese manufacturer that doesn't sell cars in the United States.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Musk did not comment on the company's sales and revenue dive during his opening remarks on the company's call with investors Wednesday, following the earnings report.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong></strong><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></em></strong><strong><span> </span></strong><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><strong><span> </span></strong><strong><em><span>and</span></em></strong><strong><span> </span></strong><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>