The Dow Jones index rose after surprise economic data. Tesla stock rallied on new plans to launch its robotaxi service.

The electric vehicle revolution has created massive winners, but the next decade could see a dramatic reversal of fortunes. One overlooked giant is already laying the groundwork.

Tesla's market cap fell below $1 trillion, but it still reflects investors' assumptions of enormous future growth.

"Tesla is crossing the chasm to autonomy while absorbing slower volume, EV incentive elimination, tariffs and investing in new initiatives that may not make margins for years," Morgan Stanley analyst Adam Jonas, a longtime Tesla bull, wrote early Thursday.

Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.

Discover how the autonomous vehicle market could reshape mobility. Explore Tesla, Inc.'s bold vision vs. Alphabet Inc. progress. Click for more on TSLA and GOOGL.

The selloff in Tesla's stock is wiping out nearly $100 billion of the EV maker's market cap, and reducing CEO Elon Musk's wealth by more than $12 billion. Tesla's quarterly 10Q filing showed that there were 3.