Tesla Inc shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries.
shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries.
After slashing prices on its vehicles by as much as 20% in January, Tesla posted record deliveries of 422,875 vehicles in the first quarter but they were up just 4% on the prior quarter.Several analysts said the figures raised questions about whether more price cuts would be needed this year to achieve CEO Elon Musk's target of 2 million deliveries for 2023.
"Tesla's price reductions are clearly having the desired effect for now, but there's a limit to how many times prices can be cut," said Sophie Lund-Yates, an equity analyst at Hargreaves Lansdown. "With delivery targets for the year looking slightly tough to achieve, there could yet be further pressure on the group's valuation despite its sharp falls in the last couple of years."
Although Tesla's price war, which was started in January, has put pressure on money-losing EV startups such as Rivian Automotive Inc
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