Tesla's shares price declined 1.74% for the week on Friday, two days after posting declining profits for a third straight quarter amid increased competition and a pending loss of federal tax credits.

The Tesla CEO hosted an earnings call once more long on promises and short on specifics, especially regarding his month-old robotaxi service that has logged only 7,000 driverless miles.

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.

Revenues are declining, the boss is facing a brand problem, and competition in the electric vehicle space is only getting more fierce.