Tesla shares slide nearly 9% on demand concerns, Elon Musks Twitter distraction
Summary
Shares in electric vehicle maker Tesla slid about 9.5% in mid-day trading on Thursday as analysts grow increasingly uncertain of the companys outlook. After the bell Wednesday, Canaccord Genuity trimmed its price target for the automaker from $304 to $275, citing "cosmically bad" public sentiment and a "distraught" shareholder base. Meanwhile, Tesla began to offer $7,500 discounts on some of its high-priced electric vehicles in the U.S. on Thursday, doubling its previous incentives, in an effort to encourage customers to take deliveries. Buyers of Tesla, and other electric vehicles made in the U.S., will likely qualify for a $7,500 incentive starting in January stemming from Bidens Inflation Reduction Act. CEO Elon Musks performance as the new owner and CEO of Twitter has also caused serious concern for long-time Tesla bulls who are calling on the companys Board of Directors to rein him in and get him to focus on the electric car and renewable energy company.