"Does that mean like we could have a few rough quarters? Yeah, we probably could have a few rough quarters," Musk said on the call with analysts.

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’s double-digit percentage revenue decline was primarily attributed to the ongoing slump in vehicle deliveries.

Tesla reported second-quarter results after Wednesday's closing bell, unveiling profits and sales in line with Wall Street expectations. Losses mounted for the stock, however, as the company's call with analysts sowed more doubts than offered answers about Tesla's prospects and Chief Executive Elon Musk said he could see potential for "a few rough quarters" ahead.

Tesla Chief Executive Elon Musk is telling investors the carmaker’s future is closer than ever—and it doesn’t depend on selling electric vehicles.

Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.