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Elon Musk might not lead a hyper-growth EV maker after all, and analysts are taking note: 'We caution Tesla shares could fall much further still'

About 76% of Tesla's current valuation is still predicated on its future earnings potential, according to a DataTrek analysis.

Esha Day

Tesla shares being down more than 50% from their 2021 peak—and other EV stocks faring worse—gives some investors AI jitters.

Rivian’s market value is around $9.6B and Lucid’s is about $6.9B—down from their $153B and $91B valuation peaks, respectively.

“Investors don’t see Tesla as an AI play like most of the other Magnificent Seven stocks,” says a chief market strategist.