Tesla shares dropped 6% in premarket trading on Thursday, according to CNBC. The company reported its second consecutive quarter of falling automotive sales and missed both revenue and earnings expectations.

Even any good news about the Austin robotaxi rides may not be enough to lift the stock, which has lost about a quarter of its value since a record high in December.

Tesla's shares sank nearly 7% in premarket trading as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.

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Tesla will report its second-quarter earnings on Wednesday evening (United States time), with investors and analysts watching closely.

Tesla has yet to schedule its annual shareholder meeting in accordance to Texas law four days ahead of the deadline, and investors are restless.

A group of 27 major Tesla shareholders urged the electric automaker's board on Wednesday to set a date for its annual shareholder meeting this year, citing legal obligations and growing governance concerns.

Tesla shares dropped nearly 8% after Elon Musk's announcement of a new political party raised concerns about his focus on the company amidst declining sales.

Tesla has said it will build cheaper cars and win approval for its self-driving software in Europe this year, as it tries to revive its struggling business. Elon Musk's electric vehicle (EV) firm told investors it had started "first builds of a more affordable model in June" while posting a slump in car deliveries and shrinking profits.