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Home Electric Vehicles

Tesla unveils affordable EV prototype amid sales slump, missed earnings

Michael Olabode Williams by Michael Olabode Williams
July 24, 2025
in Electric Vehicles, News
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Tesla unveils affordable EV prototype amid sales slump, missed earnings
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Tesla says it has started building early versions of its long-promised affordable electric vehicle, a strategic pivot aimed at regaining lost momentum after the company posted its sharpest quarterly sales drop in over a decade.

Despite unveiling progress on this budget-friendly EV, Tesla’s Q2 results were deeply disappointing. The automaker reported revenue of $22.5 billion, missing analyst expectations of $22.74 billion. Vehicle deliveries dropped 14% to 384,000 units, marking back-to-back declines. Automotive revenue plunged 16% year-on-year, contributing to an 18% dip in Tesla’s stock price so far in 2025.

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However, Tesla surprised investors with a glimmer of hope: gross margins came in at 17.2%, higher than the expected 16.5%, despite ongoing price cuts and incentives. Analysts say this suggests that Tesla’s core vehicle business is bruised, not broken.

“Tesla’s affordable EV move could be its most important decision since the Model 3 launch,” said Andrew Rocco of Zacks Investment Research.

Meanwhile, the company remains silent on any Bitcoin transactions, continuing to hold 9,720 BTC valued at $1.15 billion, unchanged for eight straight quarters. Tesla had initially invested $1.5 billion in Bitcoin in 2021 and sold off 75% by 2022.

Tesla is also reportedly in early talks with Nevada officials to expand its robotaxi service, another critical pillar of CEO Elon Musk’s long-term plan to diversify beyond passenger EVs.

Despite fierce competition from Chinese EV makers and internal leadership distractions, analysts say Tesla’s integrated strategy across EVs, AI, robotics, and energy systems could still keep the brand in the innovation driver’s seat, if it can execute.

Read more on Tesla’s troubles deepen, deliveries down 14% in Q2

Tags: electric vehiclesTesla

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