Tesla's share prices have fallen by almost a third in the first quarter of 2024
Q1 deliveries are expected to be 457,000 , falling short of analyst expectations and prior growth rates.Increased competition, particularly from China's BYD, and aggressive pricing for rivals like the Xiaomi SU7 threaten Tesla's market share.Shutdowns, plant upgrades, and slow sales contribute to a 29% stock price decline in Q1 2024, Tesla's worst since late 2022. There's blood in the water, and the short-selling sharks are circling.
Primarily, Tesla faces intensified competition in the global EV sector, particularly in China, where BYD surpassed it as the top-selling EV brand in the fourth quarter of 2023. Additionally, the Model 3 faces stiff pricing competition from an increasing number of local rivals, such as the newly introduced Xiaomi SU7, which debuted with a starting price $4,000 lower than Tesla's.
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