Elon Musk says Tesla could hit a $20 trillion valuation with “extreme execution.” But with earnings slipping and Bitcoin holdings limited, is that even realistic? Here's the math behind the moonshot.

Tesla had previously reported deliveries of more than 384,000 vehicles in the quarter—a drop of more than 13% from the previous year—with production holding steady at just over 410,000 vehicles. This marks the second quarter in a row of reduced year-over-year deliveries.

While Tesla is still the No. 1 seller of electric vehicles in the United States by a wide margin, the earnings report shows a deteriorating situation with no obvious quick fix for

But if you just listened in on the company’s call with analysts, you would have no idea why. For an earnings call, there was zero talk of, um, earnings. And the overall message from Tesla’s top brass seemed to be: We are a robotics and AI company, and, someday soon, it’s going to be awesome.

Tesla stock fell early Thursday following the company’s relatively bland second-quarter earnings report. Investors wanted to hear more new details about more topics, including Tesla’s ambition to become a leader in robo-taxis,