Tesla Stock Is Trading Lower: What's Going On?
Portfolio Pulse from Adam Eckert
Tesla Inc's shares are trading lower due to reports of a decrease in the company's China-made EV sales. The company sold 74,073 China-made vehicles in September, marking a 10.9% YoY decrease. Model 3 and Model Y sales were down 12% from August to September. This news follows Tesla's disappointing Q3 production and delivery numbers. Wells Fargo analyst Colin Langan maintained Tesla with an Equal-Weight rating and lowered the price target from $265 to $260.
October 09, 2023 | 2:11 pm
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Tesla's stock is trading lower due to a decrease in China-made EV sales and disappointing Q3 production and delivery numbers. The price target has been lowered from $265 to $260 by Wells Fargo.
The decrease in Tesla's China-made EV sales and disappointing Q3 production and delivery numbers are likely to negatively impact the company's stock in the short term. Additionally, the lowered price target by Wells Fargo indicates a bearish outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100