45 minutes ago Tesla, Inc. (TSLA), once the shining star of the “Magnificent Seven,” has more recently been hit with calls to be removed from the elite group of tech stocks. The electric vehicle (EV) leader is grappling with a series of setbacks, including sweeping global price cuts, layoffs, top executive exits, and intense competition in the EV space. The stock’s once-unstoppable ascent is now facing multiple macro-level challenges. In fact, for the first time ever, Tesla's dominance in the US electric vehicle market slipped below 50% in the second quarter of this year, capturing just 49.7% of sales, according to Cox Automotive. This dip marks a historic shift, signaling a new era in the EV landscape where Tesla's once-ironclad grip is now under pressure, with legacy auto giants like General Motors (GM), Ford (F), and Volkswagen (VWAGY) racing to catch up. Despite grappling with various challenges, TSLA stock has rebounded sharply from its year-to-date lows, boosted by investor optimism around the company’s highly anticipated Robotaxi launch - now slated for Oct. 10 at Warner Brothers Studios. This eagerly anticipated event has the potential to dramatically alter Tesla's trajectory. Originally scheduled for August, the postponement of the Robotaxi launch could signal that Tesla is carefully fine-tuning its innovation, with CEO Elon Musk dropping hints about additional exciting surprises. While anticipation is running high, Tesla's history of missed deadlines in the Robotaxi and autonomous vehicle space, paired with regulatory hurdles and stiff competition from Alphabet’s (GOOGL) Waymo and GM-owned Cruise, also throws a layer of skepticism on the project's near-term success. About Tesla Stock Austin-based Tesla, Inc. (TSLA) has emerged as a leader in the EV market, driven by the success of its flagship Model 3. Since its 2010 initial public offering (IPO), the company has evolved into an industry giant, and reached a $1 trillion market cap in 2021, surpassing the combined value of major legacy automakers. More than just an automaker, Tesla also has segments focused on energy storage, automation, and robotics, which are in various stages of growth and development. However, after delivering exceptional returns since its IPO, Tesla has hit the brakes, significantly underperforming the broader market over the last three years. Currently valued at a market cap of roughly $724.5 billion, shares of this EV king are down 45% from their 2021 highs. TSLA is lagging the broader S&P 500 Index ($SPX), with the stock in negative territory over the past year and on a YTD basis. However, the shares have rebounded 72% from their 2024 lows set in April, and are now down just 3.7% since the start of the year.