Tesla (TSLA) shares tumbled in extended trading Tuesday after the electric vehicle (EV) maker reported second-quarter profits dropped 45% from a year ago, as costs for development of 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) projects rose, while the average sale pr♋ice of its vehicles fell. 

The drop in profits came despite a 2% bump in revenue from last year to $25.5 billion, above the $24.98 billion 澳洲幸运5官方开奖结果体彩网:analysts had expected, according to estim꧂ates compiled ✃by Visible Alpha.

Lower average sale price and 澳洲幸运5官方开奖结果体彩网:lower delivery numbers than the company reported in the second quarter of 2023 impacted the EV giant's profitability, with a reported $1.48 billion in profit, down from $2.7 billion last year and below estimates.

Tesla Focuses on Cutting Costs, Development ofꦐ Robotaxi, Lower-Cost Models

Tesla said it has a number of key areas of focus on going forward, including reducing the average cost per vehicle, along with developing projects in the AI space like its robotaxi and humanoid robots, which 澳洲幸运5官方开奖结果体彩网:CEO Elon Musk recently said will be in "low pꦿroduction" and wo𒅌rking in Tesla factories by next year. The company also said its plans to begin producing a "more affordable" vehicle by the first half of 2025 remain on track.

In the company's earnings call, Tesla said its Robtaxi event would be delayed to Oct. 10, after Musk 澳洲幸运5官方开奖结果体彩网:said last week that the event would be postponed from its initiaꦬl date of Aug. 8.

"Though timing of Robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value," the company said in its earnings release.

Tesla shares were down 8.5% to $225.42 in extended trading as of 7 p.m. ET Tuesday following the release, after falling 2% in the day's regular trading session.

UPDATE—July 23, 2024: This article has been updated to reflect more recent share price values and additional information from Tesla's earnings call.