Tesla stock tumbles despite record profits, Bitcoin boost

Tesla did not offer a specific estimate for vehicle deliveries in 2021, and while CEO Elon Musk said demand for the company’s electric vehicles is higher than it’s ever been, without more numbers to go on, investors were left shrugging.

Tesla Inc. earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin. And yet shares of the EV maker fell as much as 4.3% in early trading Tuesday, a sign of the lofty expectations Tesla now contends with after an eightfold gain in the stock last year. Among the quibbles from analysts: Tesla didn’t offer a specific estimate for vehicle deliveries in 2021. Chief Executive Officer Elon Musk is pushing to ramp up production and maintain Tesla’s dominance in the electric vehicle market, but competitors are moving in aggressively. Musk said Monday demand is higher than it’s ever been, but without more numbers to go on, investors shrugged.