Tesla stock is up by 35% over five years, but it is up by a phenomenal 24,029% in the 16 years since it listed on the NASDAQ stock market. In fact, the stock has fallen 31% since the turn of 2026. But more importantly, in my view, the electric car market has changed around Tesla. Such pressures help explain why Tesla stock has shed nearly a third of its value so far this year. On one hand, Tesla's sales were strong – automotive revenues grew by 23% year on year.