Tesla (TSLA -0.72%) is selling fewer vehicles in 2025 than it was a year ago, but that may only be the beginning of the company's fall. The $7,500 tax credit that has helped margins is going away this fall, and so are some regulatory credits that have helped profitability, as Travis Hoium discusses in this video.

*Stock prices used were end-of-day prices of July 10, 2025. The video was published on July 15, 2025.