Shares down 8.5% premarket (Il Sole 24 Ore Radiocor) - New York, 24 Jul - Tesla shares fell sharply in premarket trade after the electric vehicle maker's profit fell for the second straight quarter and missed estimates amid slower demand and fiercer competition.

The EV maker said its net income in the second quarter was 1.478 billion dollars compared to 2.703 billion in the same period a year ago.

Diluted earnings per share in the three months was 0.42 dollars from 0.78 a year ago.

Revenues were 25.500 billion dollars from 24.927 billion in the previous year. That was slightly above an analyst consensus of 24.6 billion dollars.

In its earnings report Tesla said plans for new vehicles, including more affordable models, remained on track for start of production in the first half of 2025.

At 1202 GMT Tesla shares were down 8.5%.

AAA-Sje

(RADIOCOR) 24-07-24 14:12:10 (0491) 5 NNNN