Can This Popular AI Stock Join the Illustrious "Trillion-Dollar Club" by Year End?

Electric vehicle (EV) leader (NASDAQ: TSLA) has been in the news for the wrong reasons of late, as the National Highway Traffic Safety Administration announced on Aug. 1 that it has opened a preliminary investigation into 280,000 units of Model 3 and Model Y vehicles after receiving reports from a dozen owners asserting that their 2023 model year vehicles had lost steering control and power steering.

This only added to the headaches of Tesla investors, as shares of the company have been trending lower since it released its second-quarter report on July 19. Investors weren't happy with the contraction in the company's operating margin as a result of price cuts, a lack of clarity about when the company will start delivering Cybertrucks, and the progress on its robotaxi. Nor were they pleased with the current quarter's slowdown in vehicle production due to factory shutdowns.

Tesla's stock price has dropped by 10% since its earnings report, bringing its market cap down from more than $920 billion to less than $830 billion as of this writing.

Continue reading

Source Fool.com