Elon Musk interviews on CNBC from the Tesla Headquarters in Texas. Tesla investors focused on business fundamentals are justified in their skepticism. The company has failed to roll out innovative and affordable new model EVs, while Chinese competitors like BYD have flooded the market, particularly in Europe. Analysts at Goldman Sachs on Thursday lowered their price target on Tesla mostly due to the outlook for 2025. Deliveries this quarter are tracking lower for the U.S., the analysts noted, while European sales saw a 50% year-over-year decline in April and another double-digit drop in May. China sales from those two months were down about 20% from a year earlier. Quality is also a problem. Tesla has announced eight voluntary recalls of the Cybertruck in 15 months due to a range of issues including software bugs and sticking accelerator pedals. Robotaxi ready? Musk is urging investors to largely ignore the core business and look to the future, which he says is all about autonomous vehicles and humanoid robots. But even there, Tesla is behind. In AVs the company has ceded ground to Alphabet's Waymo, which is operating commercial robotaxi services in several U.S. markets. After a decade of missed deadlines, Musk has promised a small launch of a Tesla driverless ride-hailing service in Austin this month. The Austin robotaxi service will operate in a geofenced area, Musk said in a recent interview with CNBC's David Faber, and will begin with a small fleet of just 10 to 20 Model Y vehicles with Full Self-Driving (FSD) Unsupervised technology installed. If all goes well, Musk has said, Tesla will try to rapidly expand its driverless offerings to other markets like San Francisco and Los Angeles. What consumers won't be seeing anytime soon are the Cybercab and Robovan vehicles that Tesla touted at its "We, Robot" event last year to drum up customer and investor enthusiasm. On Friday, Milan Kovac, Tesla's vice president of Optimus robotics, announced he was leaving after joining the company in 2016. Musk thanked him for his "outstanding contribution" in a post on X. Still, there are plenty Tesla bulls and Musk fans who are believers in the CEO's vision. The stock's 4% rebound on Friday is a sign that some saw an opportunity to buy the dip. "I think the real story here is the investor base of Tesla literally doesn't care about anything," Josh Brown, CEO of Ritholtz Wealth Management and CNBC PRO contributor, told CNBC's "Halftime Report" Friday. "This is still a nothing matters stock." FundStrat's Tom Lee said the Tesla selloff was "overdone." Tesla's market cap, which is dramatically inflated relative to every other U.S. car maker, is built on Musk's vision of Tesla's Optimus humanoid robots doing factory work and babysitting our children, while self-driving Cybercabs and Robovans make money carting around passengers. Morgan Stanley's Adam Jonas wrote in a note this week that, "Tesla still holds so many valuable cards that are largely apolitical," pointing to what he sees as the company's "AI leadership, autonomy/robotics, manufacturing, supply chain re-architecture, renewable power, [and] critical infrastructure." In terms of Tesla's existing business, the most immediate impact from what's happening in Washington D.C., is the rollback of EV credits in the current budget bill that Musk loudly opposes and that's struggling to find sufficient support in the Senate. There's also the matter of the tariffs and whether Tesla is able to get preferred treatment, a proposition that seems increasingly unlikely with the Musk-Trump fallout. Matthew LaBrot, a former Tesla staff program manager, told CNBC that he's not surprised that Musk blew up his relationship with the president. LaBrot was terminated earlier this year after sending an open letter in protest of Musk's divisive political activity. "I am devastated for the country and the climate, though Elon only has himself to blame," LaBrot said in an interview. "Back a loose canon, expect stray canon fire." Tesla investors can't know at the moment how much of Musk's energy and time will now return to his lone public company, and the business responsible for the vast majority of his wealth. Even without politics, he still has SpaceX, AI startup xAI and brain tech startup Neuralink, among other businesses. As of Thursday, Musk still had a West Wing office that hadn't been cleaned out, two administration officials told NBC News. The space will likely be packed up in the coming days, one of the officials said. And while his time in the Trump camp may be over, Musk has called on his followers to form a new party in the U.S. "Is it time to create a new political party in America that actually represents the 80% in the middle?" he wrote on X on Thursday, in a post that's now pinned at the top of his page. According to the post, 80% of 5.6 million respondents to the unofficial poll said "yes." Musk's actions this week may have caused a permanent rift with the president. But one thing is clear — his company can't get away from the White House.