The company logo shines off the rear deck of an unsold 2020 Model X at a Tesla dealership in Littleton, Colo, on April 26, 2020. DETROIT —
The company blamed the decline in part on phasing in an updated version of the Model 3 sedan at its Fremont, California, factory, plant shutdowns due to shipping diversions in the Red Sea, and an arson attack that knocked out power to its German factory. The quarter is a “seminal moment” in the Tesla growth story, Ives wrote, adding that CEO Elon Musk will have to turn the company around. “Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative.”“Street criticism is warranted as growth has been sluggish and margins showing compression, with China a horror show and competition increasing from all angles,” Ives wrote.
Shares of Tesla tumbled 5.5% in Tuesday morning trading to $165.54, continuing an extended decline. Investors have shaved about 34% off the value of the company so far this year, dumping shares after growing leery of the tremendous growth story that Tesla has been telling.
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