Thanks to its success in the auto industry, Tesla has become one of the most valuable businesses in the world. But the electric vehicle (EV) stock is now 38% below its peak -- a tumble that might have some investors wondering whether this is an opportunity to buy the dip.

U.S. tariffs on Chinese goods were reduced to 30% for a period of 90 days, while Chinese tariffs on U.S. goods were lowered from 125% to 10%.