The Globe and Mail reports in its Saturday edition that even though Tesla's shares have dropped by more than half from their record high of more than $400 in 2021, the risks facing the company are only growing (all figures U.S.). The Globe's John Heinzl writes that sales and profits are falling. Demand for electric vehicles is softening as consumers show a preference for hybrids, which offer energy-saving and environmental benefits without the range anxiety of pure EVs. At the same time, Chinese companies such as BYD -- the world's largest EV maker -- are producing and selling electric cars at a lower cost, which has prompted Tesla to slash the prices of its models multiple times, eating into profits. Despite the stock's huge decline and Tesla's deteriorating results, the shares still trade at about 70 times estimated 2024 earnings. Ford and GM, by comparison, have price-to-earnings multiples in the single digits. With Tesla showing no clear path to resuming growth, analysts have become increasingly pessimistic, with hold and sell recommendations now outnumbering buys by about 50 per cent. The average stock price target has fallen to about $180, which is only slightly above Tesla's closing price of $168.47 on Friday.