Tesla is battling a global slowdown in EV demand following last year's price war that hurt margins and has lost nearly $200 billion in market value as its...
- Tesla shares dropped about 2% on Wednesday after Wells Fargo raised concerns over the waning impact of price cuts by the world's most valuable automaker on the demand for its electric vehicles and downgraded them to "underweight".
Investor concerns over the company's prospects have been high since CEO Elon Musk in January warned that growth would be "notably lower" this year.Tesla has lagged other "Magnificent Seven" stocks including Microsoft, Apple, Nvidia, Amazon, Alphabet and Meta Platforms in 2024. "We can concur the price wars in China are brutal however there is a sense from industry checks... that many of these price cuts are starting to subside into spring/summer 2024," Wedbush analyst Dan Ives said.
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