Tesla (TSLA -7.43%) stock fell again on Monday after news broke of a major delay in its production plans. As of 2 p.m. ET, the company's share price was down 7.3%, while the S&P 500 was down 3.4% as the market responded to intensifying macroeconomic concerns.

The company-specific news that investors were reacting to was that Tesla will delay the U.S. debut of the bare-bones version of its Model Y. That lower-priced new electric vehicle (EV) was slated to launch this quarter, but its launch will now be pushed out to at least the third quarter, and possibly all the way into 2026, according to Reuters, which was unable to learn the reason for the delay. Tesla stock is now down by 45% across 2025's trading.

Is Tesla stock a buy right now?

The electric vehicle (EV) giant is scheduled to publish its first-quarter results after the market closes Tuesday. The Q1 delivery figures it published earlier this month suggest that it will report significant declines in sales and earnings for the period.

With the release of the cheaper new mass-market Model Y being postponed, the company's potential sales rebound has likely also been delayed, and the company's overall performance for the year could take a significant hit. Despite its big sell-off, Tesla stock still trades at massively growth-dependent valuations.

TSLA PE Ratio (Forward) data by YCharts.

Given that it's changing hands at more than 88 times this year's expected earnings and approximately 6.7 times expected revenue despite indications that its sales will decline further in the near term, the stock looks risky. With the challenging near-term outlook for its core EV business, shares look expensive at current prices. Unless you're very bullish about the premise that its robotaxi service will emerge as a major revenue and earnings driver within the next couple of years, I think it would be best to hold off on buying Tesla stock right now.