It’s been a rough stretch of road for car companies so far this financial reporting season.

General Motors says it lost more than $1 billion in the second quarter because of U.S. tariffs. Stellantis lost more than double that in the first half of the year and blamed a sizeable chunk of that on tariffs, as well.

On Wednesday, after the market closes, EV maker Tesla — led by Elon Musk — reports its quarterly results. They’re not expected to be pretty, either.

Tesla has already released vehicle sales numbers for the second quarter, and they weren’t good: Deliveries down more than 13% compared to last year. That’s the worst quarterly decline the company has ever seen.

Tesla is grouped with the so-called Magnificent 7 tech stocks, which also include Nvidia, Apple and Microsoft. But right now Tesla’s not performing so magnificently, per Angelo Zino, senior vice president at CFRA Research.

“Our analyst does have a ‘hold’ recommendation. It’s the only Mag-7 name we are avoiding at this moment in time,” he said. “The fundamentals have just not played itself out.”

Those fundamentals are a headwind for Tesla. EV sales growth in the U.S. has slowed. Meanwhile, the Trump administration has canceled tax subsidies for EVs and revoked fuel-economy regulations that Tesla profited from.

And Tesla probably can’t count on expanding its foreign sales, said Gernot Wagner, a climate economist at Columbia Business School, because Musk is politically toxic and his cars are too expensive.

“Germans have basically stopped buying Teslas altogether. Chinese aren’t buying Teslas in the first place,” he said. “Teslas simply cannot compete with the likes of the $10,000 to $12,000 BYD Seagull. It costs a quarter of what a Tesla costs.”

Analysts will be listening closely for news of a cheaper Tesla coming to market, as the company has promised, accoding to Seth Goldstein, senior equity research analyst at Morningstar.

“Tesla being able to offer a mid-$30,000 vehicle that still has a long range, I think that’s going to be important for them if they want to continue to grow sales,” he said.

Whether Tesla’s actually doing well or poorly right now is largely in the eye of the beholder, says Dan Ives, managing director and senior equity research analyst at Wedbush Securities.

“If you’re negative on Tesla, you’ll just focus on the car business and the pressure that they’re seeing there. For bulls like myself, I view Tesla as a disruptive technology company when it comes to autonomous and robotics,” he said.

Ives added that the company’s future ultimately depends less on making and selling EVs and more on developing whole new industries — like robotaxis, autonomous vehicles, and AI.