Tesla shares fell even after the company reported a bigger-than-expected increase in profit in the second quarter.
This follows the statement of its chief executive officer (CEO), Elon Musk, who warned that his third quarter production will decrease due to the shutdown in the summer scheduled for the upgrading work of his factory.
The company said that it still plans to sell 1.8 million vehicles this year, which is 37% of the 2022 total.
In addition, Musk has also signaled that he will lower prices again for his electric vehicles, even as the price war with other competitors hurts the company's own margins.
Tesla reported adjusted earnings of $3.1 billion or 9.1 cents per share, up 20% from last year's second quarter, beating Refinitiv's forecast for earnings of 82 cents per share.
Its profit margin of 18.2% was also better than expected, although it was still lower than last year due to a series of price cuts announced by the company since the beginning of the year.
Meanwhile, automotive revenue rose 47%, excluding revenue from the sale of regulatory credits.
Still, it was far less than the 83% jump in total vehicles sold, a sign that Tesla continues to drive greater demand for its cars despite low prices.
During New York session trading, Tesla fell 0.7% to 291.26. It fell over 4% after the report's follow-up session.
