Tesla shares fell 8% on Thursday after the company reported its second consecutive quarter of declining auto sales and missed revenue estimates, according to CNBC. Automotive revenue dropped 16% year over year to $16.

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.

At the risk of sounding like investing guru Cathie Wood, Tesla (NASDAQ:TSLA) has a clear path to be a $20 trillion stock. The pioneer in electric vehicles (EVs) and sustainable energy has transformed the automotive industry since its founding 22 years ago,

Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + 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.

Tesla shares plunged as much as 10% in early trading Thursday as investors digested another dismal quarter of car sales – and CEO Elon Musk’s admission that slump may not end anytime soon.

Revenues are declining, the boss is facing a brand problem, and competition in the electric vehicle space is only getting more fierce.

Tesla stock falls more than 6% pre-market after Q2 earnings call. Sales decline, EV incentives end, and new Model Y trim disappoints.

The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.

Due to Tesla's innovation and diversification, 24/7 Wall St. sees strong upside potential for the stock by the end of the decade.