Tesla's sales are slumping, but rivals like General Motors, BMW, Ford and Hyundai are picking up the slack.

Sell-side price targets, which have been steep, are still bullish because the stock is trading below analysts' updated levels. For example, analysts polled by FactSet have a mean price target of $342.

Tesla introduced a less expensive variant of the Cybertruck, the Cybertruck Long Range RWD. The price tag on it is $70,000.