Tesla's Sales Darken Amid Musk's Autonomous Euphoria, Investors Eye Long-Term Vision

• Tesla's stock surged in H2 2025, driven by Elon Musk's autonomous vehicle vision and Robotaxi launch, adding over $915 billion in market cap.
• Despite investor optimism, Q4 vehicle deliveries are projected to decline by 11-15% year-over-year, indicating a sales slowdown.
• Analyst estimates for 2026 deliveries have significantly dropped from over 3 million to about 1.8 million, reflecting a gloomy outlook.
• Challenges include Model Y retooling, regulatory scrutiny of FSD, and fierce competition in China from BYD and Xiaomi.
• Investors are prioritizing Tesla's long-term autonomous future, with the car business needing only to stabilize to satisfy them.

Why It Matters: Tesla's stock thrives on Musk's autonomous vision despite declining sales and a challenging market.