On Wednesday, the electric vehicle (EV) maker reported 384,122 deliveries in the second quarter, representing a 13.5 percent decline from this time a year ago. Its earnings report will be released after the market close. Sales were roughly in line with analyst expectations. The global sales figures reflect the more contested nature of the EV market, which Tesla once dominated, but which now also features BYD and other low-cost Chinese companies, as well as legacy Western carmakers like General Motors, Toyota and Volkswagen.

However, demand for EVs has slumped amid tariff fears and the looming end of the EV tax credit in the United States. On Wednesday, Volvo also announced that fully electric sales fell by 26 percent in June. Rivian sales also tumbled. The electric carmaker said there was a 22.7 percent drop in sales compared with to this time last year. Musk’s political activism on behalf of right-wing figures has also made the company a target of boycotts and demonstrations, weighing on sales. Musk donated more than $270m to US President Donald Trump’s 2024 campaign, barnstorming key battleground states for the Republican. But in the last few weeks, he has had a falling out with Trump, driven by the president’s wide-ranging tax and spending bill. Musk’s objections to the “Big Beautiful Bill” has escalated tensions between the two. In a social media post, Musk accused bill supporters of backing “debt slavery”. In response, the president called for the Department of Government Efficiency to look at subsidies for Musk’s companies, sending the stock tumbling and it closed down 5.3 percent last Tuesday. (Al Jazeera/AP)