Tesla (TSLA) shares are down nearly 9% on Thursday after the EV manufacturer reported its second straight quarter of revenue decline. The automaker continued to lose share to lower-priced electric vehicles from rivals,

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

Elon Musk's electric-vehicle maker reported a 12% drop in quarterly revenue, and a steeper decline in net income. + Musk highlighted plans to release a lower-priced Model Y electric vehicle, spoke about his hopes for a new pay package and talked up plans to roll out Tesla robotaxis more widely.

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

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.