In its Q2 Q2 earnings report released on Tuesday, Tesla revealed quarterly profitability from the sale of EVs dropped to its lowest level in five years. Meanwhile, the company generated 7% less revenue compared to the same time last year. All of this led shares to decline about 11% in Wednesday morning trading.

Automotive ops were just below Bank of America’s projections both at the topline and on a margin level. Meanwhile, energy and services were largely in line with BofA’s estimates. “We reiterate our Buy rating on TSLA, which still has a number of catalysts ahead that could help drive the stock, including the Robotaxi Day in October, potential licensing of FSD, new product launches, and realization of cost savings,” BoA research analyst John Murphy wrote in a Wednesday note to investors.

However, Tesla reported a non-GAAP EPS of $0.52 for Q2, which was below BofA’s estimate of $0.70 and the consensus bet of $0.60. The miss compared to BofA’s forecast was largely driven by $622 million of restructuring charges, Murphy said.

Fortune’s Christiaan Hetzner also reports that nearly half of the $1.89 billion Tesla earned before tax accrued from the sale of regulatory CO2 credits, could be on the chopping block should Former President Donald Trump be reelected. 

In a note to investors Wednesday morning, Wedbush Securities analysts said the bull/bear debate on Tesla will “rage on today” as the company delivered mixed results. But EV demand metrics are showing signs of momentum into the second half of the year.  

“The positive shift has begun for Tesla and the bears will continue to miss the forest through the trees on this one,” Dan Ives, Wedbush Securities managing partner, told Fortune.

Wedbush analysts said they weren’t “looking for major fireworks this quarter from Tesla.” And although the margin weakness is weighing on the stock this morning, the company has a new growth story to tell. “Tesla is truly an AI and robotics play and this is the $1 trillion-plus valuation we see,” Ives said.

The robotaxi is the start of the AI story, according to Wedbush. CEO Elon Musk postponed the company’s planned August unveiling of its robotaxi prototype until Oct. 10 in order to make changes to improve the vehicle, he told analysts on the earnings call. Musk said he expected roll-outs possibly by the end of the year—though Wedbush believes it will be later.

“We believe next year is a more realistic time frame depending on the regulatory path ahead,” he said.

Analysts are also closely watching the progress of Tesla’s plans to build electric vehicles under $30,000, which will be key in driving major volumes to the Tesla story over the next few years, the analysts said.

Wedbush reiterated an out-perform rating and $300 price target.

The buzz around the electric vehicle market overall is said to be waning. “The negative EV sentiment will linger in 2024 but Tesla is truly an AI and robotics play,” Ives said.