It’s been an eventful week for the EV maker.
Transcript:
It was an eventful – and rocky – week for Tesla.
The EV giant finally set a date for its long-delayed annual meeting—November 6th—four months past the legal deadline. That move came after pressure from frustrated shareholders.
At the same time, analysts are losing confidence. Goldman Sachs just lowered its price target on the EV maker to $285 per share – below where it’s currently trading – pointing to weaker sales.
That follows Wells Fargo, which kept its bearish call yesterday, flagging slumping demand and fading returns from price cuts.
Even longtime bull Dan Ives of Wedbush has expressed concerns about its direction and CEO Elon Musk. Earlier this week, Ives said Tesla’s board must act now to rein Musk in, suggesting requirements for the amount of time he spends at Tesla. Musk’s response? A blunt “Shut up, Dan.”
And distractions keep piling up—from leadership drama at X, to Musk’s political ambitions with his new “America Party,” all while Tesla tries to reverse slowing sales and expand its long-awaited robo-taxi service.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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