Tesla stock ends the week down 15%, the worst performance of the year
Publishing timestamp: 2023-10-20 16:23:35
Summary
Tesla shares dropped more than 15% after CEO Elon Musk expressed pessimism about macroeconomic issues on the third-quarter earnings call. Musk also tempered expectations for the long-delayed Cybertruck and emphasized the need for cost-cutting and price cuts. The article highlights concerns about high-interest rates and the impact on car buyers. Analysts issued cautious notes after Tesla's Q3 results, with some reducing their price targets. The article suggests that Tesla's Q3 results may signal a difficult outlook for EVs broadly.
Sentiment: NEGATIVE
Tickers: TSLA,
Keywords: technology, elon musk, tesla inc, venture capital, business news, autos, earnings,