Tesla Dips to $435 Premarket as Musk-Trump China Trip Fails on FSD Hopes

Tesla shares slipped 1.9% to $434.72 in premarket on May 15 after Elon Musk's China trip with President Trump disappointed investors by yielding no Full Self-Driving approvals or major deals. The stock had rallied from spring lows of $343 to $445, driven by Q1 beats—revenue $22.39B (+16% YoY), EPS $0.41 (beat $0.36 est.), FCF $1.44B (+117% YoY), auto margins 21.1%, FSD subs 1.28M (+51%)—plus April China sales +36% YoY and robotaxi expansion to 26 unsupervised vehicles. However, $25B 2026 capex and ~200x forward P/E signal execution risks for AI/robotics ambitions.