The fallout from Elon Musk's plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter.

Tesla still hasn’t released a lineup of newer, cheaper EVs to compete with China’s BYD for markets outside the US.

Tesla has offered low-interest loans and other incentives to try to revive sales, but these efforts have depressed the company’s profits. Tesla’s newest model, the Cybertruck pickup, has been a flop. The company sold 4,300 Cybertrucks in the second quarter, according to Cox Automotive, a 50 percent decline from a year earlier.

Good morning. Tesla falls short of Wall Street estimates as scandal and competition take a toll. Adani Group scraps its super app ambitions. And Nintendo’s Switch 2 notches another high score. Listen to the day’s top stories.

The world's richest man, Elon Musk, suffered more than $17 billion (KSh 2.2 trillion) cut from his wealth, currently estimated at KSh 51.3 trillion.

Tesla (TSLA) reported second quarter results that fell short of Wall Street estimates on both the top and bottom lines. Adjusted earnings of $0.40 per share fell short of the Bloomberg consensus estimate of $0.

The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter.

Tesla's registrations in the West Coast state fell more than 20% in the second quarter compared with the previous year, according to new data.

Tesla's latest earnings report reveals a significant sales decline, raising concerns over its future amid increasing competition and CEO Elon Musk's polarising leadership

Elon Musk's companies have benefited from government contracts, including SpaceX through its relationships with the Pentagon and NASA.