Tesla Falls for Fourth Day on Production, Trade Concerns
(Bloomberg) -- Tesla Inc. sinks as much as 4.7 percent, briefly dipping below $300 a share, as questions about the profitability of its Model 3 linger even after the electric carmaker met its production goal of building 5,000 units a week.
- Shares have lost 15 percent since June 28, the biggest four-day slide since April, as analysts questioned whether the production push could be sustained
- The company is also facing concerns on how rising U.S.-China trade tensions could affect Tesla’s push to build production capacity in China amid increasing competition from local players, Bloomberg Intelligence analyst Steve Man wrote
- Short interest is 28 percent of float, down from 33 percent in May, according to financial analytics firm S3 Partners
- The stock has 10 buys, 11 holds, 10 sells, avg price target $315, according to data compiled by Bloomberg
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