Tesla missed revenue and earnings expectations in Q2 2025 and reported another drop in vehicle deliveries — but one key area of its balance sheet remains rock solid, offering a quiet win amid the turbulence.

Economists expect double-digit drops for the automaker’s top and bottom lines after a record decline for quarterly vehicle deliveries.

Tesla’s battery business has been feeling the pain, too. For a while, this was a growth area for the company, albeit one with a relatively minor contribution to the bottom line. During Q2 2025, Tesla’s energy generation and storage division brought in $2.8 billion in revenue, a 7 percent decline from the same period in 2024.

Shares of the EV maker pared losses and traded close to flat in afterhours trading, following results that showed net income plunging 16% and automot

WIRED stopped by the new Tesla Diner in Hollywood to talk to people who still stan Elon Musk. “I want to go to Mars, and he is going to take us,” one visitor told us.

But even now, as Trump and Musk seemingly aren't friends anymore (for the moment), and Tesla is staring down the barrel of yet another consecutive dismal fiscal quarter, Tesla investors don't care. For them, Tesla is a future play. Tesla derived 90% of its 2024 revenue and 94% of its gross margin from auto sales.

Waymo’s robotaxis are fully driverless and expanding fast, while Tesla’s service is still limited and invite-only. The gap is bigger than you think.

In April, Tesla still had a net positive view of -7. Tesla remained at the bottom of the charts when EVIR looked more closely into demographic data. Tesla was the least-positively viewed car company regardless of income,