Posted 4/16/2024, 2:24:00 PM
Tesla Stock Sinks as Layoffs, Canceled Projects Dim Growth Outlook
- Tesla stock heads for new 2024 lows as investors await clarity on autonomy strategy in upcoming earnings
- Layoffs of over 10% of workforce raise concerns about weakening EV demand and future growth prospects
- Company cancels $25K next-gen vehicle to focus efforts on robotaxi program instead
- Q1 earnings expected to show steep 38% EPS decline amid production issues and slowing deliveries
- Wall Street sentiment turns increasingly negative on Tesla's growth outlook amid competition, high valuation
