Tesla ( (TSLA) ) has fallen by -7.61%. Read on to learn why.
Tesla has experienced a challenging week with its stock price dropping by 7.61%. The decline comes amid several factors, including the departure of David Lau, Tesla’s vice-president of software engineering, who has been a significant figure in the company for over a decade. His exit adds to the uncertainty surrounding Tesla, which is already grappling with declining sales and increased competition in the electric vehicle market.
The company’s struggles are further compounded by a public backlash against CEO Elon Musk’s political involvement, which has been cited as causing significant brand damage. This has been reflected in Tesla’s disappointing Q1 vehicle deliveries, which fell short of analysts’ expectations. J.P. Morgan has also lowered its earnings forecast for Tesla, indicating a more severe sales decline than initially anticipated.
Despite these challenges, there is still optimism among some investors that Musk might refocus on Tesla, potentially boosting its prospects. Analysts remain divided on Tesla’s future, with a consensus Hold rating on the stock. The average price target suggests a potential upside, but the path forward remains uncertain as Tesla navigates these turbulent times.