EV maker continues to disappoint investors
) shares kicked off 2023 with a near 4% drop on Tuesday, extending a selloff from their worst year on growing worries about weakening demand and logistical problems that have hampered deliveries.
The result “came at the at the cost of higher incentives, suggesting lower pricing and margin,” brokerage J.P. Morgan said in a note, lowering its price target by $25 to $125. “Demand overall is starting to crack a bit for Tesla and the company will need to adjust and cut prices more especially in China, which remains the key to the growth story,” Wedbush Securities analyst Dan Ives said.
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