The last leg holding up the valuation story just gave out. Here's what that means for your retirement account.
Tesla ended last quarter with 50,363 unsold cars sitting in lots. That's the biggest pile of unsold inventory in at least four years. The company built the cars. Nobody bought them. | I can't stop thinking about this. Not just because of the cars. Because of what came out in the same report, on the same morning. | Tesla's energy storage business collapsed 38% last quarter. That might sound like inside baseball. It isn't. Here's why it matters to you. | For the past year, Tesla bulls had one answer to every bad car number: energy storage is booming. Solar batteries. Grid storage. The business was on a tear. It was the one part of Tesla that was actually growing. And in a single quarter, it fell off a cliff. Energy storage went from a record 14.2 gigawatt-hours deployed in Q4 2025 to just 8.8 last quarter. Analysts thought it would hit 14.4. It missed by almost 40%. | The #1 Stock To Buy BEFORE The SpaceX IPO | When Elon Musk announces the SpaceX IPO, most investors will be locked out. | That's how it works… | The big banks. | The hedge funds. | The Wall Street insiders. | They get in early… while everyone else waits. | By the time regular investors can buy shares, the easy money is gone. | But I just got off the phone with Dr. Mark Skousen… the newest editor at Oxford Club. | The same economist who's worked for the CIA and personally met four US presidents. | And he's found something extraordinary... | A 'backdoor' way into SpaceX… BEFORE the IPO is even announced. | And he is giving away the name and ticker right now… for FREE. | Dr. Skousen has put together a detailed report on this unprecedented opportunity. | Click here to get your free PRE-IPO "SpaceX" ticker. | Here's what worries me. Tesla is trading at 300 times earnings. The entire S&P 500 trades at about 24 times. Apple, one of the most valuable companies on earth, trades at 30. Tesla at 300 means the stock price isn't about today. It's not even about this year. It's a bet on products that don't exist yet. Cybercab robotaxis. Optimus humanoid robots. Things that have not been sold commercially at any real scale. | I don't think most people realize they own this stock. Tesla is a top-10 holding in the S&P 500. It sits inside the QQQ. It's in most large-cap growth ETFs. It's probably inside your 401(k) right now, mixed into a target-date fund. You didn't choose it. It came with the package. | The stock closed Wednesday at $360. Down more than 20% since January 1. HSBC has a price target of $119 on it. That's the lowest on Wall Street. Their argument is simple: the core car business is eroding. Not stalling. Eroding. | I get it. People have been saying Tesla is overvalued for years. And for years, there was always a new story to keep the faith alive. First it was cars. Then software. Then insurance. Then energy. Now energy just posted its worst quarter in over a year. Two of the three legs holding up this $1.4 trillion valuation just snapped. | Nobody knows what Elon Musk will say on April 22. That's the Q1 earnings call. That's the day he has to explain the plan. But right now, the plan has a gap where two growth stories used to be. | The one number I keep coming back to: 50,363. That's how many cars Tesla built but couldn't sell last quarter. Repeat that at the golf course. Write it on a napkin. That's not a blip. That's the biggest surplus in four years, during a quarter when U.S. EV sales overall dropped 28%. The $7,500 federal tax credit expired last fall. Sales fell 24% the very next month. The market has changed and the numbers haven't caught up to the story yet. | Fifty thousand cars in a lot. No buyer for any of them. That image is going to stay with me for a while. It should stay with you too. | More on this tomorrow. | — Lauren
Editor, American Ledger |
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