A bad day at the office for Tesla's Elon Musk. I'm David Brancaccio in New York.

The spring and summer profits are out for Tesla showing it is losing ground to cheaper electric cars in China. Here's Marketplace's Nova Safo.

In Tesla's call with analysts following the release of its second quarter results,

Elon Musk mostly wanted to focus on the future, automated driving improvements.

Customers will experience a step change improvement in how well supervised

for self driving works.

A robot called Optimus.

Optimus is already performing tasks in our factory.

And heated demand for solar batteries. But at the end of the day, Tesla is a car company

and on that front, it's struggling as China's

B. Y. D. and other low-cost competitors gobble up market share overseas.

So there's been quite a few competing electric vehicles that have entered the market and mostly they have not done well

but they have discounted their EVs by substantially which has made it a bit more difficult

for Tesla.

Very difficult in fact.

Profits plunged 45% in the quarter ending in June despite discounts.

The company reported its lowest profit margin in more than five years. Analysts were unimpressed, long on vision, short on execution, said one.

Another criticized that Musk was focusing on tomorrow's riches, not today's.

But that is where Elon Musk likes to reside and Tesla offered

more predictions, cheaper Tesla's next year, and the unveiling of a new robot

taxi, although that last one is being delayed from next month to October.

I'm Nova sophomore marketplace.

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