Tesla’s earnings hit a new low, with largest revenue drop in years

Tesla on Wednesday reported a drop in its profit during the second quarter, as the electric vehicle maker continues to struggle despite CEO Elon Musk's pivot back to focusing on his companies after his controversial role leading the Trump administration's government cost cutting efforts.

The company's electric vehicle sales have been flagging, and earlier this month it reported a drop of 13.5% in the quarter, compared with the same period a year ago. On Wednesday, Tesla said its net income also suffered, slumping 16% year-on-year.