Tesla Stock Slides, Extending 2024 Decline
Shares of Tesla are falling to start the week.
The stock was recently down some 7%, on pace for its worst day since January. It remains down 24% this year and off roughly 3% over the past 12 months.
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Shares of @Tesla are falling to start the week.
The stock was recently down some 7%, on pace for its worst day since January.#tesla #ev #shares pic.twitter.com/Q81PILHfiU
— The_Journalbiz (@the_journalbiz) March 4, 2024
Factset chart: Tesla
Shares of Tesla Inc. fell more than 5% Monday amid a fresh round of discounts and price cuts by the electric vehicle maker in China and in the U.S.
In China, Tesla TSLA, -7.56% is offering incentives of up to about $5,000 through March on Model 3 and Model Y vehicles in inventory, Deutsche Bank analyst Emmanuel Rosner said in a note Monday, citing news reports.
The new incentives include insurance discounts, discounts on paint changes and preferential financing plans on the Model Y, he said.
In the U.S., Tesla is offering 5,000 miles of free use of Superchargers, Tesla’s network of fast chargers located near highways, on select trade-ins through the end of March. “This is in addition to the company offering transfers of [Full Self Driving] beta and free lifetime Supercharging incentives through the end of March,” the analyst said.
In China, Li Auto’s shares dropped after reporting deliveries that fell from January levels last week. Its U.S.-listed ADRs slid nearly 14%.
And Ford reported a more than 10% lift in U.S. vehicle sales last month, helped by demand for its hybrid and electric models. Its shares rose more than 3%.
