Elon Musk’s electric vehicle maker posted the worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, but its profit margin on making cars was better than many feared. Tesla shares were down 2.6% in after-hours trading.

Tesla revenue dropped 12%, and profits slumped 16% in the three months through June as buyers continued to steer clear, and in some cases, turn to more affordable competitors' offerings.

Eager to capitalize, Gov. Kelly brokered a deal with Panasonic to build a massive $4 billion lithium-ion battery plant in De Soto, aimed at supplying Tesla’s new factories in Texas. A multi-billion dollar tax incentive package secured Panasonic’s investment, made possible by the bipartisan APEX Act passed by the state Legislature.

As Tesla sales slump, Musk is pitching a bold pivot to robotaxis, humanoid robots, and AI dominance, backed by big spending and even bigger promises. Cars? Lol. It’s not about cars anymore.

New Samsung plant will make Tesla AI chips Tesla CEO Elon Musk said a new Samsung plant in Texas will be devoted to making the next

The state invested $829 million in Panasonic plant to make electric car batteries, but politics threatens its success.

Elon Musk’s pitch to investors is the EV unit sales are not the primary way to measure Tesla’s (NASDAQ: TSLA) future success. The reason to own Tesla’s stock is that it will dominate the autonomous driving sector,