Tesla Shares Drop to $395 as AI Timeline Skepticism Weighs Ahead of Earnings

Tesla shares closed at $394.76 on July 13, extending recent weakness despite record Q2 deliveries. The stock initially fell 7-8% after the July 2 report of 480,126 vehicles (18% beat) and 13.5 GWh energy storage, then rebounded on the Miami robotaxi launch before renewed pullbacks. Investors continue to discount near-term auto results, focusing instead on uncertain monetization of autonomy and robotics ahead of July 22 earnings. Valuation remains elevated at roughly 190-370x forward earnings while consensus EPS growth expectations stay modest.