Source: Sharecast
The Nasdaq company reported sales of 384,122 for the second quarter of 2025, down 13.5% on the year before and comfortably below the 387,000 consensus forecast.
Shares were up 4.1% at $313.13 by 1107 in New York, though the stock was only partially rebounding after having tanked 14% over the past six sessions.
The stock fell sharply on Tuesday after the spat between Musk and president Donald Trump reignited as the tech entrepreneur continues to criticise the president's tax and spending bill which is set to ramp up the deficit. Notably, the bill, which passed by the Senate on Tuesday, is set to bring an end to the $7,500 tax credit scheme for the purchase of new EVs, and the $4,000 credit for used EVs.
Trump responded with a suggestion that the Department of Government Efficiency – which Musk led until late-May – should take a look at cutting subsidies for Musk's companies. DOGE has been instrumental in slashing federal budgets and eliminating tens of thousands of government jobs over recent months.
“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump said in a post on Truth Social.