Overview
- Tesoa shares fell for a second straight session Monday, wiping about $106.7 billion from its value and closing at $352.82.
- Tesla delivered 358,023 vehicles in the first quarter, missing the roughly 372,160 that Wall Street expected.
- Production reached 408,386 vehicles in the quarter, which ran well ahead of deliveries and points to inventory building up.
- JPMorgan on Monday lowered its rating to sell with a $145 year-end price target and warned of as much as 60% downside from recent prices.
- The bank said demand looks softer as U.S. purchase credits shrink and rivals crowd the market, and it projected weaker financial metrics through the rest of the decade.