Tesla Ends Streak of Record Quarterly Profits After China Factory Shutdown

Tesla reported its first sequential decline in quarterly profit in more than a year as it navigates global economic turmoil and recovers from an extended shutdown at its Shanghai assembly plant.

The electric-car maker on Wednesday reported second-quarter results that topped expectations. But it also demonstrated the challenges confronting it, including the sting of supply-chain disruptions, the global chip drought and higher materials and logistics costs.