Tesla's Q2 net income fell 45% to $1.48bn due to decreased global sales amid increased competition, supply chain issues, and chip shortage.

Tesla's Q2 net income fell by 45% to $1.48bn, with the electric vehicle manufacturer experiencing a decrease in global sales despite implementing price cuts. The cause of the decline in sales remains increased competition from other electric car manufacturers, supply chain issues, and a global chip shortage. This follows a strong Q1, where Tesla reported a record profit of $3.36bn.