Tesla Keeps Growing, but at What Cost?

The EV maker’s profit outlook is deteriorating even as its stock has soared

Photo illustration: Josephine Chu

Tesla’s stock is back to being boringly expensive.

There was nothing in the electric-vehicle maker’s first-quarter volume data to move the needle on investors’ typically entrenched views. Tesla said on Sunday it produced just shy of 441,000 vehicles and shipped almost 423,000. The latter number was 4% more than the previous quarter and 36% more than in the same period last year.

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