Tesla's deliveries are weak, becoming a new normal. Investors are focusing on projects like Terafab.

Although Musk wants to bet Tesla's future on artificial intelligence, he still needs to support these ambitions by selling cars and the car business is becoming increasingly difficult. Analysts surveyed by Bloomberg estimate that Tesla may have delivered around 372,160 cars in the past three months. Although this number has grown by about 11% year-on-year, it is still relatively low in the company's recent quarterly delivery volume. Investors are increasingly inclined to overlook car sales data and prioritize Tesla's progress in projects such as self-driving taxis, Cybercab, and the Optimus robot. As long as the electric vehicle business can remain stable or achieve moderate growth, supporting Musk's artificial intelligence ambitions, this business still has value. CFRA's senior vice president of stock research, Garrett Nelson, said that he is focused on whether the company can deliver on these ambitious product plans and timelines, while also closely monitoring Tesla's plans to increase capital expenditures. "The focus is not on delivery volume, but on a more macro level, such as the Terafab announcement and the spending expansion that Tesla is embarking on," Nelson said. "Concerns about the surge in spending are indeed dragging down sentiment towards the company in the market."