Tesla (TSLA.US) is facing downward pressure, influenced by a broader decline in auto stocks triggered by ON Semiconductor's disappointing forecast. ON Semi, a key supplier in the electric vehicle (EV) market, reported lower-than-expected sales forecasts, hinting at a slowdown in EV sales. This news has impacted major auto manufacturers, with Tesla's shares dropping by 5.8%.
ON Semiconductors (ON.US) shares are losing nearly 20% in today's session after pretty good Q3 results but disappointing forecasts for future quarters. Source: xStation 5
The situation is compounded by Tesla's own challenges, including its recent quarterly results which were below analyst expectations, showing a decrease in vehicle production compared to the previous quarter. Additionally, Tesla is dealing with increased competition, particularly from Chinese EV makers like BYD, which reported significant profit and revenue growth. Tesla's decision to end discounts on Model Y vehicles in China and the ongoing U.S. Department of Justice probe into the company are further adding to investor concerns. Despite a global increase in EV sales this year, the growth rate appears to be slowing, and Tesla's stock has declined about 12% over the past 12 months, reflecting these accumulating challenges and market sentiment.
Tesla (TSLA.US) dips narly 6% today and is approaching resistance at the $190-193 level.
Source: xStation 5
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