Tesla stock declined by 6% in premarket trading following disappointing quarterly results. The company reported consecutive declines in automotive sales, with revenue dropping 16% year-over-year to 16.7 billion dollars. Earnings also fell short of expectations. Concerns are mounting over the impact of expiring federal electric vehicle tax credits, rising competition from lower-cost EV makers in China and Europe, and uncertainties about future growth. Investors worry about Tesla's revenue and market position.