Why Shares of Tesla Are Sinking Today
Shares of the electric vehicle (EV) maker (NASDAQ: TSLA) traded roughly 3.3% lower as of 12:21 p.m. ET today. Sales continued to struggle in Europe and the stock also fell, despite an analyst recommending that investors hold the name.
Tesla's stock has been hit hard this year, a big part of which can be attributed to struggling global sales. The company reported roughly 337,000 deliveries in its first quarter of the year, the lowest level in over two years. Some investors believe the struggles have resulted from CEO Elon Musk's involvement in politics, which has damaged the brand.
Regardless of the reason, conditions don't seem to be improving. In April, data from the Spanish Association of Automobile and Truck Manufacturers showed that new Tesla sales fell 36% year over year, according to Reuters. Over the first four months, Tesla sales have decreased 17%, while EV sales in this time period, including hybrids, have surged 54%. It's a trend that has played out all year.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 191 Buy predictions and 50 Sell predictions.
With a target price of 284 € there is a slightly positive potential of 8.09% for Tesla Inc compared to the current price of 262.75 €.
