The Tesla Bear Case That Few Are Talking About

Last week, electric vehicle company Tesla (NASDAQ: TSLA) announced that its fourth-quarter deliveries fell almost 16% year-over-year to about 418,000 vehicles. This put full-year 2025 deliveries at 1.64 million, down 8.6% year over year. Even more, the company's vehicle production fell sequentially in Q4. The company produced about 434,000 cars in the fourth quarter of 2025 -- down from approximately 447,000 vehicles in Q3.In short, Tesla's vehicle business is struggling. Sure, there's some noise in the fourth quarter specifically. Sales in the period suffered because there was a pull-forward in demand at Q3, when customers rushed to place their orders before the federal electric vehicle credit expired. Still, the fact that annual deliveries fell almost 9% year over year in 2025 shows that Tesla is struggling to get back to the big sales growth it was delivering for shareholders years ago.Yet somehow the growth stock commands a price-to-earnings ratio of nearly 300 as of this writing. Even its forward price-to-earnings ratio, which measures the stock's price as a multiple of analysts' consensus forecast for earnings per share over the next 12 months, stands at 192.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool