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"Tesla cannot afford a misstep with the robotaxi service," said Camelthorn Investments adviser Shawn Campbell, who owns Tesla shares. He added that "the wheels are coming off" its automotive business, with sales declines across "almost every market."

It wasn't just Tesla that reported a drop in new car registrations in June, however. Europe's four best-selling automakers all sold fewer cars.

The tech company reports its third quarter of declining profits in a row, amid the ongoing backlash against Elon Musk's foray into politics.

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.

Tesla revenue slipped 12% year over year in the second quarter of 2025 the company's July 23 earnings release showed. The company took in $22.5 billion in revenue, down from $25.50 billion in the second quarter of 2024. It is the company's largest revenue drop in over a decade, according to Reuters.

Even any good news about the Austin robotaxi rides may not be enough to lift the stock, which has lost about a quarter of its value since a record high in December.

Tesla Inc. is in early talks with officials in Nevada to establish autonomous vehicle operations in the state as the automaker plans an expansion of its recently introduced robotaxi service.

The Austin-based EV company is still working on taking safety drivers out of the passenger seats and expanding into new cities.