Tesla has offered low-interest loans and other incentives to try to revive sales, but these efforts have depressed the company’s profits. Tesla’s newest model, the Cybertruck pickup, has been a flop. The company sold 4,300 Cybertrucks in the second quarter, according to Cox Automotive, a 50 percent decline from a year earlier.

The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter.

The electric-vehicle maker’s net income plunged 16% in the second quarter, marking another quarter of steep declines as sales continue to fall.

Volkswagen said Friday year-over-year operating profit fell by $1.84 billion in the second quarter as the German automaker navigates the effects of U.S. tariffs

Volkswagen faces a $1.5B hit from U.S. tariffs, slashing its 2025 profit outlook. Rising costs force the automaker to rethink its strategy and forecasts.

President Trump’s auto tariffs have riddled Volkswagen, which said it was hit with a $1.5 billion (1.3 billion euro) profit dent after the onset of the new U.S. trade policies. Volkswagen said the “decline in Operating Result [is] primarily due to high costs from increased U.