What's Going On With Tesla Stock Today?
Portfolio Pulse from Erica Kollmann
Tesla, Inc. (NASDAQ:TSLA) shares have fallen more than 11% over the last week due to weak Chinese economic data, the company's latest vehicle price cuts, and overall market weakness. The stock is also under pressure following mixed Q2 results from Chinese rival XPeng. Tesla has cut prices in the U.S. several times this year and recently announced 6.9% price cuts on its Model S and X in the Chinese market after Tesla EV sales fell dramatically in July.
August 18, 2023 | 4:02 pm
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Tesla's stock is under pressure due to weak Chinese economic data, vehicle price cuts, and overall market weakness. The company's recent price cuts in the U.S. and China, following a dramatic fall in EV sales in July, are also impacting the stock negatively.
Tesla's stock is being negatively impacted by several factors. Weak Chinese economic data is affecting the overall market, and Tesla is not immune. The company's recent vehicle price cuts, both in the U.S. and China, are also putting pressure on the stock. This is likely due to concerns about profitability and market share, especially given the recent fall in Tesla's EV sales in China. Additionally, mixed Q2 results from Chinese rival XPeng may be contributing to the negative sentiment around Tesla's stock.
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