Tesla is expected to report declining volumes and even more compressed margins during the second quarter of the year. But in the report to be released after the stock market closes on Wednesday evening, the focus is instead on the investment in robot taxis and news about it.
It is central to the high valuation of Tesla that exists, says Frida Bratt who calls the stock the black sheep among the tech giants.
Sales are falling
Tesla began the year by publishing declining sales for the first time ever for a full year. And the decline has continued even in 2025, despite the electric car market growing, Tesla's car deliveries decreased by 13 percent during the first quarter of the year. Analysts at JP Morgan expect an even larger decline of 19 percent in the second quarter, according to Bloomberg. The analysis is based on weak sales figures in, among other places, Europe.
There are hopes that Tesla's updated Y-model will strengthen sales figures. But former Tesla salesman Matthew LaBrot, who left the company in protest, tells Bloomberg Businessweek that it will be difficult to sell the car model.
You can't put a "I bought this before he went crazy" sticker on one of these cars. He was already crazy.
Musk's rollercoaster
The stock's valuation has been criticized for many years but reached a new record level as recently as December. The company's market value is nearly 20 times larger than that of car manufacturer General Motors, which produces about three times as many cars.
But with Elon Musk's foot on the gas pedal, the stock price has had a wild ride. The price got a significant push in the wake of Musk's public feud with US President Donald Trump, whom he had previously helped. The fall was even greater on the first trading day after Elon Musk announced that he would form a new party. On one trading day, over 600 billion kronor of the stock's market value disappeared.
In total, the stock has lost over 18 percent this year. The black sheep that has long been the smallest in the company of the seven American tech giants has become clearly smaller this year.
1. Nvidia: 22.30 percent
2. Microsoft: 20.33 percent
3. Apple: 16.93 percent
4. Amazon: 12.99 percent
5. Alphabet: 12.34 percent
6. Meta: 9.56 percent
7. Tesla: 5.65 percent
Source: companiesmarketcaps.com, price after Monday's close.
