Tesla is facing a rough start to the week, following a turbulent end to the previous week.
Recent price reductions have stirred discontent among Tesla investors, resulting in a roughly 4% drop in its shares during early trading today. These losses contribute to Tesla’s overall share-price decline of approximately 43% for the year, a significant downturn by any measure.
However, the price cuts are just one of several issues plaguing the U.S.-based electric vehicle (EV) company. Last week, Tesla made headlines for its staff reductions, which included some high-performing employees. With earnings reports scheduled for tomorrow, the company’s current actions are facing heightened scrutiny.
Against this backdrop, Tesla appears to be shifting away from offering a low-cost EV model, instead focusing on developing a robotaxi initiative that some critics view as technologically premature. Amidst these shifts, along with Tesla’s price adjustments and the recent mass recall of its Cybertruck vehicle, investor sentiment is far from buoyant.
For further insights into Tesla’s current situation, Bloomberg has published an in-depth analysis worth exploring.
