Tesla Cuts Prices and the Stock Falls, Dragging Rivian and Lucid With It
The electric vehicle (EV) market continues to face an imbalance between supply and demand, resulting in lower prices and falling margins for automakers. Over the weekend, (NASDAQ: TSLA) and BYD continued their price war with Tesla giving incentives of nearly $5,000 to buyers through the end of March.
Investors didn't react kindly and it wasn't just Tesla that was impacted, although shares were down as much as 7.9% in trading on Monday. Shares of Rivian Automotive (NASDAQ: RIVN) also dropped 7% and Lucid Group (NASDAQ: LCID) fell 6.9%. At 2 p.m. ET, the three EV makers were down 7.5%, 4.5%, and 6.8% respectively.
Image source: Getty Images.
Source Fool.com
Tesla Inc Stock
€207.25
2.420%
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With a target price of 245 € there is a slightly positive potential of 18.21% for Tesla Inc compared to the current price of 207.25 €.
