Tesla stock falls on demand concerns, Elon Musk’s Twitter distraction

Stocks of electric car manufacturers Tesla It fell almost 9% on Thursday as analysts grew more uncertain about the company’s outlook. The stock is down about 70% year-to-date.

After Wednesday’s bell, Canaccord Genuity lowered the automaker’s price target from $304 to $275, citing a “universally bad” public opinion and a “disturbed” shareholder base. “Elon Musk is doing Elon Musk’s thing,” writes Canaccord’s George Gianalicus. “There’s some Twitter-related drama in this, but a lot of it isn’t.”

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Meanwhile, Tesla began offering a $7,500 discount on select expensive electric vehicles in the U.S. on Thursday, doubling its previous incentives to encourage deliveries to customers.It’s also in Canada and Mexico. We offer credit.Tesla car price cuts in china in October.

Price cuts for Tesla’s Model 3 sedan and Model Y crossover are seen as a sign of weakening demand.

The company also tried to boost sales and deliveries by offering 10,000 free Supercharger miles to customers who receive a new Tesla car in December.

Buyers of Tesla and other U.S.-made electric vehicles should: $7,500 incentive starting January Derived from Biden’s anti-inflation law. Many potential Tesla owners were holding off on handing over new vehicles from the company until the credit was activated.

Elon Musk’s performance as Twitter’s new owner and CEO has also long caused serious concern. Tesla bulls calling the company’s board To keep him down and focus on electric vehicles and renewable energy companies.

Musk took Twitter private in a $44 billion deal that closed at the end of October, selling about $23 billion of Tesla stock to finance the deal. He has since admitted to an “obvious” overpayment.

As of yesterday’s close, Tesla’s short sellers had risen by more than $15 billion year-to-date, making 2022 the most profitable short seller ever, according to Ortex estimates. Amazon When Facebook They trade behind Tesla and have each made more than $5 billion in short profits so far this year.

https://www.cnbc.com/2022/12/22/tesla-shares-slide-on-demand-concerns-elon-musk-twitter-distraction.html Tesla stock falls on demand concerns, Elon Musk’s Twitter distraction

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