Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.

Tesla is facing a rough path ahead and will likely struggle unless Elon Musk fixes his public image, longtime investor Ross Gerber says.

Tesla reported another quarter of reduced profits after Elon Musk’s stint in the Trump administration. The president’s tax bill creates new business challenges.

Earnings are expected to be around $0.44 per share, according to consensus estimates, reflecting a 15% drop compared to the previous year, while revenues are anticipated

Due to Tesla's innovation and diversification, 24/7 Wall St. sees strong upside potential for the stock by the end of the decade.