Key Facts
The Nasdaq-100 index is currently down 8% from its recent peak, signaling potential entry into a technical bear market if it falls 20%. The last time this occurred, Tesla’s stock dropped 75% to around $100.
In the second quarter of 2026, Tesla reported 480,126 deliveries, a 25% increase from the previous year, but also faced an 18% decline in adjusted earnings per share due to falling vehicle prices. Tesla currently trades at a price-to-earnings (P/E) ratio of 288, significantly higher than the Nasdaq-100’s P/E of 33.4.
Competing against cheaper electric vehicle alternatives from brands like BYD and Geely, Tesla aims to leverage its full self-driving technology to bolster market share. Tesla’s autonomous taxi program has logged 380,000 miles of fully driverless operation, but it lags behind Waymo, which completes over 500,000 autonomous trips weekly across 11 U.S. cities.
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