Tesla Inc TSLA shares are trading lower by 3.04% to $181.11 Wednesday afternoon, possibly following Automotive News data showing a decline in the company's market share.
The stock is also trading lower amid overall market weakness on recession worries. Major indices are lower following the release of the FOMC minutes, which showed that officials agreed to keep hiking rates in order to fight inflation. The Fed also said in the minutes it expects a mild recession this year.
Per a report Tesla’s total EV market share fell from 72% in the period inclusive of January-February in 2022 to 58% in the same 2023 period.
Despite the company's marked sales growth in recent years, it's no secret growing competition in the broader EV sector is looming large for Tesla and a key reason for market share decline.
Tesla this week also announced another round of price cuts in the U.S. last week and the move elicited mixed reactions from analysts and investors.
Future Fund's Gary Black on Tuesday took to Twitter to share his thoughts on the recent price cuts. The fund manager has been actively crusading for the launch of a $25,000 compact car and potentially a standard-range Model Y vehicle...Read More
See Also: Tesla's Global Supercharger Network Reaches 45,000 Superchargers
According to data from Benzinga Pro, TSLA has a 52-week high of $364.07 and a 52-week low of $101.81.
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