Tesla stock down on Red Sea delays, rising labor costs and price cuts
Publishing timestamp: 2024-01-12 12:03:09
Summary
Tesla's stock dipped due to supply chain delays caused by the crisis in the Red Sea and price cuts on its vehicles in China. Rising labor costs and Hertz's decision to sell off a large portion of its electric vehicle fleet also added to Tesla's woes. Tesla plans to suspend most production at its factory in Germany due to the conflict in the Red Sea, which could impact deliveries in the first quarter. The ongoing labor strikes in Europe and the implementation of pay rate increases in the US are also putting pressure on Tesla's business and reputation.
Sentiment: NEGATIVE
Keywords: hertz global holdings inc, autos, tesla inc, elon musk, business news, technology, climate,
Source: https://www.cnbc.com/2024/01/12/tesla-stock-down-on-red-sea-delays-price-cuts.html