Tesla profits slide despite record revenue

Tesla's profits decreased by 37% despite a record quarterly revenue of $28bn, partly due to increased costs associated with tariffs and research. Shareholders are set to vote in November on a new pay package for CEO Elon Musk valued at potentially $1tn. The company's stock fell around 3.8% in extended trading as investors recalibrate expectations. Additionally, competition from Chinese automakers like BYD poses challenges for Tesla amid the shift towards electric vehicles.