The Dow Jones index rose after surprise economic data. Tesla stock rallied on new plans to launch its robotaxi service.

Tesla (TSLA) shares are down nearly 9% on Thursday after the EV manufacturer reported its second straight quarter of revenue decline. The automaker continued to lose share to lower-priced electric vehicles from rivals,

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

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

Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.

Shares of Tesla fell Thursday, a day after the company said electric vehicle sales continued to decline. Chief Executive Elon Musk said on the earnings call that the EV business is slumping while its autonomous vehicle business hasn't taken off yet. "We probably could have a few rough quarters. I'm not saying we will, but we could," Musk said.

The company reported the steepest decline in quarterly revenue in more than a decade, with a 12% fall, as it battles strong competition from cheaper electric vehicles and a backlash against CEO Elon Musk’s political views.