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Tesla profits pulled down by falling EV sales and regulatory credits
Falling EV sales combined with a lower average selling price, less revenue from regulatory credits, and a decline in solar and energy storage revenue took a toll on Tesla’s bottom line during the second quarter of 2025. And a 17% growth in revenue in its services business, which includes cash generated from its Supercharging network, wasn’t enough to close the gap.
The company reported Wednesday revenue of $22.5 billion, a 12% decline from the same period last year. The company’s second quarter revenue results did show an improvement over the first quarter when it generated $19.3 billion in revenue and it was just barely above analysts expectations. Analysts polled by Yahoo Finance expected revenue in the second quarter to reach $22.13 billion.
Net income, and more specifically operating income, is where the year-over-year gap grows larger. Tesla reported net income of $1.17 billion in the second quarter, a 16% drop from the $1.4 billion in net income in the same period last year. Tesla reported $409 million in net income during the first quarter of the year.
Tesla’s operating income fell 42% year-over-year to $923 million.
Tesla’s earnings are largely a reflection of falling sales — although fewer regulatory credits also played a role. The company brought in $439 million in regulatory credits in the second quarter, a 50% drop since the same period last year.
Earlier this month, Tesla said it delivered 384,122 vehicles in the second quarter of this year, a 13.5% drop from the same period in 2024. Second-quarter sales were an improvement over the first quarter, however, when the company delivered 337,000 vehicles.
Meanwhile, Tesla is facing regulatory and legal pressures that could further undermine its effort to reboot sales.
The California Department of Motor Vehicles is arguing in a hearing that kicked off Monday that Tesla should lose its license to sell vehicles in the state over false advertising claims on its branded Autopilot and Full Self-Driving advanced driver assistance systems.
Meanwhile, a civil lawsuit is playing out in a Florida courtroom over a fatal 2019 crash in which a Tesla driver using Autopilot plowed through an intersection and struck two people. The case, which will allow a jury to consider punitive damages, centers on how Autopilot is advertised to its customers.