Tesla Stock Lags at $410 as EV Weakness Clouds Robotaxi Hopes

Tesla shares face mounting pressure amid flat EV demand and investor skepticism over its AI ambitions. The stock has fallen 7% year-to-date while the S&P 500 gained 8%, despite a Q1 beat and the end of Model S/X production. Earlier in the period, Reuters exposed beta-stage robotaxi flaws in Texas with lengthy waits and a small fleet versus Waymo, prompting Musk to delay large-scale unsupervised rollout until FSD v15 in early 2027. Recent articles highlight execution risks, heavy capex and competition as valuation multiples remain stretched near 370x forward earnings.