Tesla Share Price Drops 12% after Worst Daily Performance since January

Tesla's share price fell by 11.65% to $217.72, recording the worst daily performance since a decline in the January 25 session of about 12.1%.

The value of the electric car maker's stock fell sharply during Wednesday's trading, as investors evaluated its business results during the second quarter of the year, amid continuing pressures in its automotive business.

CEO Elon Musk reported that vehicle revenues fell 7% year-on-year in the June quarter to $19.9 billion, from $21.27 billion in the same quarter last year.

The company was forced to reduce prices globally and offer discounts and incentives, amid slowing sales and rising competition, especially in China, which is one of its main markets, in addition to laying off more than 10% of the number of employees during H1 of 2024