© Reuters. Citi’s releases thoughts on recent Tesla (TSLA) weakness
By Michael Elkins
Shares of electric vehicle maker Tesla (NASDAQ:) are down 0.66% in pre-market trading on Wednesday after closing at -4% the day before. Citi analysts attribute the company’s recent weakness to continued macro/demand/pricing concerns, with the most recent datapoint coming from weekly China insurance sales data for the 2nd week of December.
They wrote in a note, “The weekly China data for Tesla suggested a somewhat slower Dec sales pace, which may be contributing to today’s share price pressure amid broader macro/pricing concerns. While we don’t necessarily think the weekly China data itself calls our Tesla Q4 delivery estimate (~435k) into question, it does place some added reliance on a strong finish in other regions and/or a stronger back-half of the month in China.”
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