Tesla shares fall 7% in premarket trading after earnings miss

Tesla shares fell more than 8% in premarket trading in the U.S. after the electric carmaker reported second-quarter earnings that missed expectations amid ongoing pressure in its auto business.

The stock pared losses to trade down 7.3% at 04:37 ET.

Elon Musk’s electric vehicle firm reported that automotive revenue dropped 7% year-on-year in the June quarter to $19.9 billion while its