Tesla shares drop on price cuts in run-up to earnings

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Tesla Shares News

Elon Musk,Quarterly Earnings,Reuters Report

The cuts come ahead of its quarterly earnings on Tuesday, where the world's most valuable automaker is expected to post its first revenue drop and lowest...

- Tesla fell more than 3% in premarket trade on Monday, as its latest global price cuts fanned Wall Street concerns about dwindling margins at the electric-vehicle maker in the run-up to its earnings report later this week.

Investors are awaiting clarity from CEO Elon Musk on Tesla's strategy after he cut 10% of the company's staff last week and said focusing on autonomous driving was a "blindingly obvious" move.Musk had earlier this month announced an event in August to unveil "Robotaxi", after a Reuters report on April 5 said Tesla had scrapped its plan to develop its long-awaited affordable EV in favor of robotaxis.

Monday's drop was set to erase about $15 billion from its market value of $468 billion. While that still makes Tesla the world's most valuable automaker, Toyota has slowly been narrowing the gap on the back of a boom in demand for its hybrid vehicles.If You’d Invested $5,000 in Brookfield Renewable Partners Stock in 2023, This Is How Much You Would Have TodayTelus stock is down 37% in two years and is trading near its pandemic low, making investors wonder how low it can go.

 

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