Tesla shares drop almost 6% after results
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FILE PHOTO: Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo
LONDON/MILAN (Reuters) -Tesla shares fell nearly 6% in early trading in Europe on Thursday, after Elon Musk's electric vehicle maker posted its worst quarterly decline in sales in over a decade.
Shares in the company were down 5.7% in Frankfurt, having dropped 5% in after-hours trading on Wall Street on Wednesday.
Tesla's second-quarter profit missed analysts' expectations, yet its profit margin on making cars was not as bad as many had feared.
On a conference call, chief executive Musk said U.S. government cuts in support for electric vehicle makers could lead to a "few rough quarters" for the company before a wave of revenue from self-driving software and services begins late next year.
(Reporting by Amanda Cooper and Danilo Masoni)
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