Tesla share price tumble leaves Elon Musk unfazed [Video]

Tesla’s earnings might be $US1.2 billion ($1.8 billion) lower than a year ago amid slowing growth of the electric vehicle market, but that doesn’t seem to faze Elon Musk and his investors.

Tesla’s share price tumbled in aftermarket trade after the electric carmaker reported a 45 per cent slump in profit for the June quarter, missing analysts’ forecasts for the fourth consecutive quarter. However, its share price is still more than 70 per cent above its low point this year.

In an indication of how tough conditions are for EV makers, while Tesla increased revenue by 2 per cent to $US25.5 billion, its earnings slumped from $US2.7 billion to $US1.5 billion and its profit margin shrunk from 9.6 per cent to 6.3 per cent.

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