Tesla has announced plans to produce cheaper cars and seek approval for its self-driving software in Europe this year amid declining sales and profits.

• Revenue in Q2 fell 12%, marking the largest drop in a decade, and car deliveries plunged 14%.
• CEO Elon Musk aims for increased sales in Europe once self-driving software is approved, mentioning the Netherlands as a potential first market.
• The company faces challenges from reduced US government support for electric cars and competition from Chinese automakers, alongside a recent warning of potential $300 million losses attributed to US tariff policies.