The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter.

Tesla on Wednesday reported a slump in profit, the third quarterly decline in a row, as the company cut car prices in an attempt to revive sales. The company made $1.2 billion from April to June, down from $1.

Volkswagen said Friday year-over-year operating profit fell by $1.84 billion in the second quarter as the German automaker navigates the effects of U.S. tariffs

Volkswagen on Friday gave its first assessment of how U.S. President Donald Trump's trade war with Europe is expected to impact its 2025 earnings after tariffs dealt a blow to the German auto giant's operating profit in the second quarter.

Europe's biggest carmaker posted a sharp drop in second-quarter profit, primarily due to high costs from increased U.S. import tariffs.