Tesla Inc. became one of the most valuable companies in the world by proving it was possible to sell battery-powered electric vehicles at a profit and in high volumes. But for much of 2024, investors have questioned Tesla’s outlook: The stock cratered amid slumping sales, confusing signals about its product strategy and concerns that its aging lineup wasn’t keeping pace.

Tesla’s erratic leader, Elon Musk, seemed more focused on the promise of an autonomous robotaxi than plans to develop a more affordable electric vehicle that could go head-to-head with competitors like China’s BYD Co. — even though Tesla’s driver-assistance software, known as Full Self-Driving, still requires active monitoring by a human being.