Tesla shares are trading lower. CEO Elon Musk on Tuesday said the company still plans to grow the Supercharger network but at a slower place for new locations to focus on 100% uptime and expansion of existing locations.
Portfolio Pulse from Benzinga Newsdesk
Tesla shares are trading lower after CEO Elon Musk announced plans to slow the expansion of new Supercharger locations, focusing instead on ensuring 100% uptime and expanding existing locations.
May 01, 2024 | 10:16 am
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Tesla's stock is trading lower following CEO Elon Musk's announcement to slow the expansion of new Supercharger locations, focusing on uptime and expansion of current sites.
The announcement by Elon Musk indicates a strategic shift in Tesla's approach to expanding its Supercharger network. While this move aims to improve service reliability and customer satisfaction by focusing on uptime and expanding existing locations, it may raise concerns among investors about the pace of infrastructure growth, potentially impacting Tesla's stock negatively in the short term.
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