Tesla Among 'Best Shorts' In Stock Market Today, Says Bearish Analyst: ' 2024...Will Show That Making EV Cars Is Not Profitable'
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (TSLA) shares dropped in premarket trading due to rumors of declining electric vehicle demand in China, a crucial market for Tesla. Sales data indicated a decrease in Tesla's EV sales in China, with 8,200 units sold in the week of Feb 5-18, down from 10,600 units the previous week. Analyst Gordon Johnson from GLJ Research highlighted the sales drop and reduced first-quarter delivery estimates by TroyTeslike due to production issues. Johnson remains bearish on Tesla, predicting that EV manufacturing will prove unprofitable by 2024.
February 20, 2024 | 1:59 pm
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Tesla's stock price fell due to rumors of decreased EV demand in China and lowered delivery estimates for Q1, reflecting production challenges.
The decline in Tesla's EV sales in China and the reduction in delivery estimates due to production issues directly impact investor sentiment and the company's stock price. The bearish outlook from analysts, especially regarding the profitability of EV manufacturing, further pressures the stock.
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