Tesla Stock Slides as February Sales Drop in China Amid Competition and Holiday Slowdown
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Tesla (TSLA) stock fell over 7% due to disappointing February sales numbers in China - 60,365 vehicles delivered, down 19% year-over-year
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Slowdown likely impacted by Lunar New Year holiday and increased competition from Chinese EV makers like BYD, Nio, XPeng also seeing sales drops
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Price wars continue as automakers offer discounts and incentives to boost lagging EV demand
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Tesla incentives also expected to hurt profit margins going forward
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Analyst consensus is a "Hold" rating on TSLA stock with a 12.5% upside potential over the next 12 months