On paper, Tesla Inc. (NASDAQ: TSLA) just had one of the best quarters in its history. Revenue climbed 26% year-over-year, pushing the company past $100 billion in trailing 12-month sales for the first time. Deliveries hit a record 480,126 vehicles, and management said it exited the quarter with its largest order backlog since 2023.
However, the market has made it clear it couldn’t care less about any of that. Tesla shares gapped down at the open and were down as much as 15% intraday on July 23, wiping out every gain made since August and dragging the stock back to 2021 levels.
