Tesla (TSLA, Financials) just posted the biggest sales drop in its history — and nobody’s pretending it’s business as usual.
The number: 384,122 cars in Q2; nearly 60,000 fewer than this time last year; down 13.5%; the worst year-over-year decline the company’s ever reported. And sure — sales were up from Q1; but the trend? Still bad.
Why? Start with Elon. His high-profile alliance with Trump didn’t sit well with everyone; showroom protests, online boycotts, even vandalism — Tesla became a lightning rod. Sales slumped in the U.S. and Europe; not because people stopped buying EVs — but because they stopped buying his.
Then there’s BYD; the Chinese EV giant sold 1 million units in the first half of 2025 — blowing past Tesla’s 721,000. They’re not even in the U.S. yet; and they’re still winning. Fast.
Still — in classic Tesla fashion — the stock jumped 4%. Why? Because Wall Street braced for worse; analysts feared a total collapse. The fact that Tesla “only” fell 13.5% felt like a win; that’s how low the bar is now.
Since April, Tesla shares have climbed 35%; helped by Musk announcing his exit from Trump’s orbit and teasing robotaxis (again). But don’t mistake momentum for recovery; this is the second straight quarter of pain — and it’s no longer a fluke.
The golden streak — year after year of rising deliveries — is broken. The crown? Slipping. The brand? Bruised. The road ahead? Bumpy; very.
