Tesla published its second quarter earnings report, in which the company said it earned $1.48 billion in net income on $25.5 billion in revenue. That represents a 2 percent increase year over year compared to $24.9 billion in revenue in Q2 2023 but a 45 percent drop in net income.

Tesla’s gross margins were in the spotlight again, as bullish investors hoped to see improvements after years of steady decline. Rampant price cutting and cooling demand as well as cheaper financing have pushed the company’s once-vaunted margins to their lowest point in six years.

It has unquestionably been a whiplash of a quarter for the company. Tesla abandoned its plan to build a more affordable “Model 2” vehicle — and then recommitted to it. Musk announced a robotaxi reveal event for August but then delayed it until October. The company embarked on a massive series of layoffs, including the entire Supercharger team, and then hired many people back. Tesla’s advanced driver-assist technology came under harsh scrutiny after a previous recall failed to prevent driver misuse. And Tesla shareholders again approved a massive pay package for Elon Musk, after a judge tossed out the first one.

On top of all that, Musk endorsed Donald Trump for president, inserting his companies into a fraught political environment that is likely to have repercussions for Tesla’s sales and brand reputation.