Tesla stock may be 28% too high as its EV shipments fell while rival BYD grew faster than the industry in 2024. Can Tesla grow 20% in 2025 selling a self-driving taxi?

For the first time ever, the company realized a year-over-year decrease in the volume of EVs it shipped to customers. Shares declined by as much as 7.5% Thursday morning as a result. As of 11:15 a.m. ET today, the stock was still trading lower by 5.8%. That helped pause the late 2024 rally that led to a return of more than 62% last year.