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Tesla reported its steepest year-over-year revenue decline in a decade, falling short of Wall Street expectations. CEO Elon Musk warned investors to expect a few rough quarters due to shifting tariffs, policy changes, and waning EV incentives. However, he expressed optimism about Tesla's long-term prospects, particularly by the end of next year. The company also detailed a phased rollout of its robotaxi service, starting with a human driver present, and plans for a cheaper Model Y-like vehicle. Musk also voiced concerns about potential activist shareholder challenges to his control of the company, while declining to discuss potential xAI investment on the earnings call.

Prepared by Christopher Adams and reviewed by editorial team.