Tesla (TSLA, Financials) shares fell nearly 9% Thursday after CEO Elon Musk warned the company is heading into a few rough quarters, following a disappointing second-quarter earnings report that showed revenue and profit declined for the second straight period. Musk said demand for Tesla vehicles may weaken further later this year as the Trump administration phases out federal EV tax credits, making the company’s cars less affordable for many U.S. buyers. Tesla’s results also reflected global softness, with sales in the European Union down nearly 40% year over year in June and registrations in California down more than 20% for the quarter.
