Tesla shares closed near $372 on September 25 after trading in a $367–$387 range, pressured by muted investor reaction to the Nevada Semi factory opening and initial deliveries despite the nine-year wait. The launch failed to offset broader concerns over execution timelines and capital intensity, with analysts noting Tesla’s elevated $25 billion-plus 2026 capex plans for AI infrastructure and next-generation vehicles. Recent Roadster pre-order updates and a delayed EU FSD regulatory vote added mixed signals, while the stock’s 52-week range of $297–$499 reflects ongoing volatility tied to EV demand and autonomy milestones. Next-quarter results due in late October remain a key near-term catalyst for price direction.