Shares slump 12 after disappointing results
EV deliveries down for second straight quarter
Auto margins decline on competition

July 24 Reuters Tesla shares tumbled 12 on Wednesday, evaporating almost 100 billion in stock market value after CEO Elon Musk39;s talk of humanoid robots and driverless taxis failed to comfort investors worried about the electric car maker39;s shrinking profit margins.

Tesla posted its lowest quarterly profit margin in five years late on Tuesday, with earnings per share missing estimates for the fourth consecutive quarter.

It was the biggest oneday percentage drop in Tesla39;s stock since 2020, and it left Tesla39;s market capitalization at just under 700 billion, down from over 1 trillion in 2021.

Still the world39;s most valuable car maker, Tesla39;s valuation relies on investor expectations of big future profits driven by yettolaunch products such as its promised robotaxis and robots.

All of Musk39;s enthusiasm on the call, outside of energy storage, were for products that don39;t exist, said TD Cowen39;s Jeff Osborne.

Tesla39;s weak results, along with a report from Alphabet in which it flagged higher capital expenses, amounted to a poor start to secondquarter reports for Wall Street39;s most valuable companies.

Google parent Alphabet39;s stock fell almost 5, and the losses in its shares and Tesla39;s sent Wall Street into a deep selloff as investors worried about pricey valuations.

Tesla39;s EV deliveries have fallen for two…