Tesla at Risk of a ‘Throwaway Year’ Without a New Narrative

Tesla Inc. investors reeling from one of the stock’s worst-ever quarters are once again looking for Elon Musk to inject excitement back into the company when it reports results Tuesday, as profits slip and the much-awaited debut of a self-driving car remains months away.

This year is off to a dismal start as Musk’s political entanglements have pushed Tesla’s sales to a nearly three-year low in the first three months, leading a slew of Wall Street analysts to slash their growth expectations. The automaker’s souring outlook and towering valuation has spooked investors, leading to a 53% plunge in Tesla’s stock ...