Why Tesla Stock Dropped Ahead of Quarterly Deliveries
(NASDAQ: TSLA) is expected to provide its quarterly vehicle delivery report tomorrow. Some investors are selling the stock today ahead of that report. Tesla shares dropped as much as 5% before paring some of that drop. The stock was trading lower by 2% as of 2 p.m. ET.
Negative sentiment may have been heightened by news from several of Tesla's Chinese competitors. Data released today showed those competitors reported record monthly electric vehicle (EV) deliveries in September. Domestic competitor General Motors also said its U.S. EV sales surged in the third quarter.
Investors are looking at that growing competition as a negative indication for Tesla's sales prospects. With GM's quarterly EV sales growing 60%, its share of the U.S. EV market reached 9.5%. That market share has increased steadily throughout 2024 as the company has launched new EV models.
Source Fool.com
Tesla Inc Stock
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