While Tesla’s Stock Price Soars to Record High, Its Core Business Is Shrinking

After a monstrous stock rally following November’s presidential election, Tesla reported its first annual decline in electric vehicle delivery, highlighting the growing disconnect between its high-flying stock price and its core automobile business.

The Elon Musk-led company yesterday (Jan. 2) released its fourth-quarter and full-year vehicle production and delivery numbers. In 2024, Tesla delivered  1,789,226 electric vehicles globally and produced 1,773,443. Last year’s EV delivery represented...