Tesla Inc. reported another quarter of disappointing profit and delayed a much-anticipated unveiling of autonomous taxis, causing its volatile stock to plummet the most in almost six months. Adjusted earnings fell to 52 cents per share in the three months ended in June, missing estimates for the fourth consecutive quarter. CEO Elon Musk confirmed the company will push back an event showcasing robotaxi prototypes to October, aligning with an earlier Bloomberg News report. Tesla’s shares dropped 11% after the markets opened Wednesday in New York, marking the biggest intraday decline since January 25. The stock had surged since the company last reported earnings, recovering from a more than 40% decline earlier in the year. 

Despite the turbulent start, sentiment had improved for Tesla. The company had missed vehicle sales expectations by the largest margin ever in the first quarter, leading to mass firings. Musk emphasized Tesla's ongoing work in autonomous driving and AI, which had helped the stock rebound. Tesla will now unveil robotaxis on October 10, with the showcased cars being only prototypes. More affordable models that could boost sales won’t be in production until at least the first half of next year. A planned factory in Mexico is on hold until after the US presidential election, and a humanoid robot projected to enhance Tesla's valuation won’t be available until 2026. This combination of delays leaves investors in a waiting period as Tesla’s car output and sales decline. The company reiterated that volume growth will be “notably lower” in 2024.