Why Tesla Stock Might Break Its Losing Streak Today
(NASDAQ: TSLA) shares have dropped for six consecutive days and 13 out of the last 14 trading sessions. The stock looks as if it may reverse course today, however. As of 11:30 a.m. ET, Tesla shares have jumped 4.8% to start the week.
Even with today's gains, the recent slide in the stock has resulted in a nearly 14% loss in market value for the electric vehicle leader this month.
Tesla stock has been under pressure as the Chinese economy seems to continue to struggle and analysts cut China's growth targets. Tesla's biggest production plant is its Shanghai facility. And competition in China also continues to grow. Tesla has resorted to multiple price cuts to defend its market share there. But investors fear those cuts will result in lower profit margins even as the company grows sales volumes. Last week Tesla cut as much as $10,000 off some Model S and Model X vehicles in China to help spur sales.
Source Fool.com
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