The Main Points
- Tesla stock is down about 17% so far in 2026, even as the broader Nasdaq has climbed.
- The stock has fallen roughly 11% in the past month alone, marking its steepest slump since 2022.
- Some analysts argue the "buy the dip" case has weakened given stagnating core fundamentals in the automotive business.
- Bulls point to FSD subscriptions climbing 56% year-over-year to 1.48 million and robotaxi service expanding to seven U.S. metro areas as reasons for optimism.
- Reaching some analysts' bullish price targets would require significant multiple expansion, which depends heavily on Robotaxi and Optimus robot production actually scaling up.