Posted 4/5/2024, 8:05:16 PM
Tesla Stock Drops As Sales Slowdown Signals Weaker Demand
- Tesla shares fell 6% this week on slowing EV demand hurting sales, pricing, and plans for lower-cost model
- Q1 deliveries badly missed estimates, falling 10% vs last year to 386k vehicles
- Despite raising Model Y prices last week, Tesla now offering discounts in US and incentives in China
- Price cuts and incentives suggest Tesla facing inventory backlog and softening demand
- News Tesla canceled $25k model adds to disappointing week after stock dropped 30% last quarter