Tesla (NASDAQ: TSLA) is coming off a record year in 2023 for electric vehicle (EV) production, deliveries, and revenue. Its stock, however, still trades 39% below its all-time high.

In the fourth quarter (ended Dec. 31), Tesla lost its prestigious position as the world's largest EV company by sales after being overtaken by China-based BYD. Plus, there seems to be a shrinking probability that Tesla can live up to CEO Elon Musk's ambitious growth targets in the coming years.

If that winds up being the case, Tesla shares might be too expensive right now despite trading below their best-ever levels. But the company is working on other technologies that could eventually drive its growth forward, and they might be better reasons for investors to buy the stock.

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Source Fool.com