The launch of a $25,000 autonomous vehicle would be a huge inflection point for Tesla's recently stagnating growth. And according to many estimates, a robotaxi service could add hundreds of billions of dollars to the company's valuation. The problem is that Tesla's already priced at a premium, trading at 9.4 times sales even after the correction.

Tesla's sales, operating income, and profit margin all fell year over year. But investors were braced for bad results after Tesla's first-quarter deliveries fell 13% year over year. A big positive tak