President Donald Trump took a break from his bitter public feud with Elon Musk by offering support to Tesla in an early morning post on Truth Social.

Tesla is facing a rough path ahead and will likely struggle unless Elon Musk fixes his public image, longtime investor Ross Gerber says.

The stock price of Tesla dropped sharply Thursday, declining about 8% in morning trading. It is now down more than 36% from its December high. Revenue was $22.5 billion for the three months ending June 30, down 12% from a year ago, while earnings were 40 cents per share, down 23% from a year ago.

Tesla and its CEO Elon Musk are walking an increasingly difficult tightrope as the company navigates declining electric vehicle sales and an autonomous driving business that has yet to get off the ground.

For nearly a decade, it has been the holy grail for Tesla fans and the key to its mainstream future: a truly affordable electric car for the masses. After years of promises, delays, and speculation, the company confirmed on Wednesday that the long-awaited cheaper Tesla is finally moving from myth to reality.

Elon Musk warned that Tesla could face "a few rough quarters," as it weathers shifting tariffs and the end of EV tax credits in the US.

Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.

Tesla's shares sank nearly 7% in premarket trading as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.