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Tesla’s stock wraps up one of its worst quarters on record as global dominance wanes - Tesla shares plunged 29% in the first quarter, the worst period for the stock since the end of 2022 and the third-steepest quarterly drop on record.
Tesla shares plunged 29% in the first quarter, the worst period for the stock since the end of 2022 and the third-steepest quarterly drop on record.
The company is poised to report first-quarter vehicle production and deliveries in coming days, and even bulls are expecting sluggish results, despite price cuts and incentives for buyers dangled throughout the quarter. Xiaomi CEO Lei Jun said the standard version of the SU7 will sell for the equivalent of $30,408 in China, a price he acknowledged would mean the company is losing money on each sale. Deutsche Bank analyst Emmanuel Rosner lowered his price target on Tesla this week, citing weaker-than-expected China sales and the company's recent plan to cut production in the region.
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