The automaker’s shares soared after Election Day as Elon Musk took a high-profile role as a Trump adviser. Now those gains have evaporated.

© Laure Andrillon/Reuters

The electric car company led by Elon Musk builds all the cars it sells in the United States in California and Texas, shielding it from tariffs that could devastate competitors.

The electric car company led by Elon Musk builds all the cars it sells in the United States in California and Texas, shielding it from tariffs that could devastate competitors.

© Jay Janner/Austin American-Statesman, via Associated Press

The electric car company run by Elon Musk is facing increasing competition, but investors have focused mostly on the prospects for Tesla’s self-driving technology.