It was a record setting first half of this year as Tesla sales completely crashed, setting a record decline.

Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.

The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline.

Tesla offering big price cuts and low interest terms led to income collapse, on top of rapidly collapsing demand that it was supposed to slow.

The CEO has promised the street he will sell more than twice as many cars by the end of the year.

For the first half of the year, Tesla has sold about 831,000 vehicles worldwide, far short of the more than 1.8 million for the full year that CEO Elon Musk has predicted.

And if the California market is any signal, the rest of the year could get even worse for Tesla.

Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market…

Meanwhile other EV makers are seeing huge sales jumps and high demand. For one obvious example, Toyota:

In Q2, Toyota sold 247,347 electrified vehicles (up 63% year-over-year), representing nearly 40% of the group’s total volume.

A 63% jump! And when you isolate for BEV vehicles that Q2 jump goes over 100%. This success is completely the inverse story to Teala’s failure. EV sales overall are strong.

There’s no reason to believe Tesla can compete in the future.