Tesla shares fell 7% in premarket trading after earnings miss

Tesla shares are down about 1% so far this year, while the S&P 500 is up more than 16%.

Tesla is still by far the No. 1 seller of electric cars in the United States, but it is losing market share to a growing number of competitors, due in part to its aging lineup of sedans and SUVs and the impact of Musk’s efforts. Burning And political commentary.

Bulls and bears have been in a battle over the stock, with some believing its core auto business is under pressure, while others remain optimistic about the future Musk has promised around autonomous driving, artificial intelligence and taxis.

The market has been focused on a number of other areas of the Tesla story, including when the company will introduce a new mass-market car to revitalize its vehicle lineup. Musk said on an earnings call Tuesday that Tesla is on track to deliver a new “affordable” car in the first half of next year.

Robotaxis was a big focus of the earnings call. Musk envisions a world where owners can let their Teslas be used as part of an Uber-style ride-hailing service — and where the cars will drive themselves.

Asked when he expected to ride in the first robotaxi, Musk said: “I would be shocked if we couldn’t do it next year.”

Musk has a history of promising things on a certain timeline and then not delivering. On Tuesday, Musk pushed back the company’s robotics event to October, after previously saying it would be held in August.

“That’s because I wanted to make some significant changes that I think will improve the car,” Musk said, adding that Tesla would “show off a few other things.”

Musk did not specify what these elements were.

– CNBC’s Laura Kolodny contributed to this report.