Tesla’s Shares Drop 9% on Weak EV Demand and Investors Growing Wary of CEO

The share price of Tesla on Thursday, decreased around 9% as analysts increasingly grew hesitancy of the company outlook. The stock has fallen close to 70% year-to-date.

On Wednesday, Canaccord Genuity cut its price target for the automaker from $304 to $275, citing cosmically bad public sentiment and a worried shareholder base.

Meanwhile, Tesla started offering $7,500 discounts on some of its expensive models in the U.S as the company is stimulating an effort to support customers to take deliveries. 

In October, Tesla cut the price of Model 3 sedan and Model Y crossover cars in China, which is seen as a slowdown in demand. 

The company has also tried to increase sales deliveries with an offer of 10,000 miles of free charging at its Superchargers for customers who receive their new Tesla in December.

According to Ortex, Tesla short-sellers have increased more than $15 billion this year, reflecting the most short profitable stock in 2022.