Will Tesla's Profits Keep Falling in 2024?
Tesla (NASDAQ: TSLA) was a big winner last year as the stock doubled as part of the broader boom in artificial intelligence (AI) stocks. In 2024, however, Tesla stock has gotten off on the wrong foot.
The stock is down 15% on various negative news items, including price cuts in Europe and China; a decision by Hertz to sell 20,000 electric vehicles, primarily Teslas, in a reversal of an earlier strategy to embrace EVs; and recent antics from CEO Elon Musk calling for 25% voting power and threatening to build products outside of Tesla.
Despite Tesla's surge last year, the company's financial performance didn't warrant much of a gain in the stock. Revenue growth slowed over the course of the year, coming in at 9% in the third quarter, or just 5% automotive sales growth.
Source Fool.com
Tesla Inc Stock
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