Tesla, Inc. (NASDAQ:TSLA) designs and builds electric vehicles, battery storage systems and, increasingly, robotics and autonomous driving technology under Elon Musk's direction. Shares of Tesla stock tumbled 7.27% to 393.45 dollars on June 28, 2026, even as the company posted delivery numbers that beat Wall Street's forecasts for the second quarter.
At a Glance
- Price: 393.45 dollars, down 7.27% on the day
- 52 week range: 364.02 to 453.40 dollars
- Market capitalization: 1.58 trillion dollars
- P/E ratio: 327.88
- RSI: 46.84
| Price | 393.45 USD |
|---|---|
| Day change | -30.9 (-7.27%) |
| 52-week range | 364.02 – 453.4 |
| Market cap | $1.58T |
| P/E ratio | 327.88 |
| EPS (ttm) | 1.2 |
| RSI (14) | 46.84 |
| Volume | 73,832,501 |
Deliveries Beat Estimates, But the Stock Still Fell
Tesla delivered 480,126 vehicles worldwide during the second quarter, well ahead of the 396,466 vehicles analysts had penciled in. That figure represents a 25% jump from the same period a year earlier, a sign the automaker's core vehicle business may be finding its footing again even as global plug in car demand cools broadly.
The company still trailed BYD, which reclaimed the top spot among electric vehicle makers with 557,090 fully electric car sales in the quarter. CFRA Research analyst Garrett Nelson attributed Tesla's stronger than expected result mainly to demand in China and Europe. Shares initially rose on the news before reversing hard, dropping as much as 3.5% intraday in New York trading, a pullback that followed a four day rally in which the stock had climbed more than 13%.
Attention now appears to be shifting away from quarterly delivery counts and toward the bigger bets Musk is placing on artificial intelligence, autonomy and robotics. Tesla has budgeted more than 25 billion dollars in spending this year, roughly triple what it spent in 2025, with much of that capital earmarked for Optimus humanoid robots and autonomous Cybercab development. The company's energy storage segment also picked up steam, deploying 13.5 gigawatt hours of battery products last quarter, a 53% increase from the first three months of the year.
What the Numbers Say
Tesla's valuation remains a central point of debate. A price to earnings ratio of 327.88, against earnings per share that imply the stock trades at a steep multiple of current profits, reflects a market pricing in future businesses like robotics and autonomy far more than today's car sales. At a 1.58 trillion dollar market cap, Tesla is valued more like a technology platform than a traditional automaker, even though vehicle deliveries still drive the bulk of revenue.
Momentum tells a more neutral story. The relative strength index sits at 46.84, comfortably between oversold and overbought territory, suggesting the stock is neither being dumped in a panic nor chased at extremes. That reading comes after a volatile stretch: shares ran up more than 13% over four sessions before this single day drop of 7.27% erased a chunk of those gains. The 52 week range of 364.02 to 453.40 dollars shows the stock trading closer to the middle of its yearly band rather than at either extreme. Tesla does not pay a dividend, so income seeking investors get no yield cushion here; the entire investment case rests on price appreciation tied to growth expectations.
The bull case leans on the delivery beat itself: 480,126 vehicles against a forecast of 396,466 suggests demand has not collapsed the way some skeptics feared, and the energy storage business growing 53% quarter over quarter adds a second growth engine. Musk's spending on Optimus and Cybercab, while expensive, signals conviction that Tesla can extend beyond cars into robotics and autonomous fleets.
The bear case centers on that same spending and the stock's reaction to good news. A company burning through more than 25 billion dollars this year, triple its prior year outlay, needs those bets to pay off eventually, and a P/E above 327 leaves little room for disappointment. The fact that shares fell sharply even after a delivery beat, and after already rallying more than 13% in the prior four sessions, hints that some of the good news may have already been priced in, with investors now demanding more than just vehicle numbers to justify the valuation.
Where Tesla Goes From Here
Tesla's near term story now hinges less on how many cars roll off the line and more on whether Optimus, Cybercab and the energy storage business can scale into something that justifies the current market cap. The delivery beat bought some breathing room, but Wednesday's drop shows investors are watching the AI and robotics narrative just as closely as the factory floor.