Tesla stock has plummeted this year. Will the company recover?

The company’s share price has plummeted more than 25% so far this year, making it one of the worst-performing stocks in the S&P 500. Over the same period, that index has risen about 10%.

“Tesla has been here before but this is a code red,” Dan Ives, a managing director of equity research at the investment firm Wedbush, a longtime Tesla bull, told ABC News.Last week, Tesla reported a significant decline in car sales over the first three months of 2024.

Elon Musk hands over a Model Y car to a customer during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022.some of its models in an effort to goose up demand. Analysts who spoke to ABC News said Tesla would need to release a newer, low-cost model as a means of attracting thrifty spenders.report last week, however, the company dropped plans for a low-cost model to be priced at about $25,000.

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