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Tesla Down 2.6% As Competition Looms, Fund Manager Warns

Stock MarketsMar 17, 2021 07:35AM ET
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© Reuters

By Dhirendra Tripathi

Investing.com – Tesla (NASDAQ:TSLA) shares were down 2.6% in Wednesday’s premarket trading as  worries grow about rising competition, higher interest rates and its valuation.

Volkswagen (OTC:VWAPY), which owns the Porsche, Audi and Bentley brands, said on Tuesday it expects to make 1 million electric vehicles this year, which would put it comfortably ahead of Tesla in volume sales. 

In a further sign of more competition for Elon Musk's company, Japan's Honda (NYSE:HMC) this month launched a limited edition level-3 autonomous sedan in its home market. Tesla is so far behind its projections of launching a fully autonomous vehicle and Musk recently admitted that the company's latest software iteration will not reach level-3.

Lansdowne Partners fund manager Per Lekander told CNBC that Tesla's stock has been in a bubble that is now deflating 

“My take is that this year is going to be the comeback for the incumbents,” Lekander said.

Tesla stock lost over one-third of its value from its January peak in the first two months of the year but has since recovered about a quarter of those losses.

Tesla Down 2.6% As Competition Looms, Fund Manager Warns
 

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Comments (10)
Shaishav Shah
Shaishav Shah Mar 17, 2021 2:41PM ET
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Tesla have advantage of initiator & will be in E-VEHICLE. Other companies may start manufacturing E-VEHICLE but till that time Tesla will at another level of tech revolution...
Francesco Lucchesi
Francesco Lucchesi Mar 17, 2021 9:19AM ET
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it's worth 100 at best. 20 with epic market crash
Jacob Steinschlag
Jacob Steinschlag Mar 17, 2021 9:19AM ET
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current fair value is 200. Don't exaggerate
Francesco Lucchesi
Francesco Lucchesi Mar 17, 2021 9:18AM ET
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Tesla at 4000 lol. those fools believing this
Ankit Jain
Ankit Jain Mar 17, 2021 9:02AM ET
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soon it will be in double digit. 500 breaking today
Joel Schwartz
Joel Schwartz Mar 17, 2021 8:36AM ET
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Tesla is priced not only as if they make every EV on the planet, but rather that they make every single car on the planet...
Edward Chong
Edward Chong Mar 17, 2021 8:36AM ET
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haha.
Abe Jackson
Abe Jackson Mar 17, 2021 8:27AM ET
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Financial news doesn't know what they are talking about.
Vlad Lozovskiy
Vlad Lozovskiy Mar 17, 2021 8:25AM ET
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There is no competition.  They say it because Musk is not leftist.
Florian Tschelisnig
Florian Tschelisnig Mar 17, 2021 8:25AM ET
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Continue to live in your small bubble world
Yelen Shim
Yelen Shim Mar 17, 2021 8:25AM ET
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Okey Vladimir. haha
Zoran Petovic
Zoran Petovic Mar 17, 2021 8:21AM ET
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VW has a history of lying..who can forget their emmision fraud..not honest company..
Dietmar Stahl
Dietmar Stahl Mar 17, 2021 8:18AM ET
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Electric cars are not the future of transportation.
Gene Kret
Gene Kret Mar 17, 2021 7:57AM ET
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Thats B S. TSLA is a company that is producing and all the others are pipe dreams....Lucid is nothing more than a car on a drawing board and GM and F will not exist in 10 years because they will be in bed with the Chinese. So i wish these haters would stop bashing Elon. Also, as soon as that Robotaxi hits the road its all over. The TSLA stock will be $4000. Go TSLA!
Dhia Betar
Dhia Betar Mar 17, 2021 7:57AM ET
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Hope springs eternal mate, better not fall on love woth the stock..get out while you still can !
SquadW Name
SquadW Mar 17, 2021 7:57AM ET
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you have lucids already on the streets,  TSLA is overpriced and stock price should go down to ~100$, banks will soon downgrade ratings as elon is planning on emiting new stocks
brett fry
brett fry Mar 17, 2021 7:57AM ET
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SquadW Name emiting stocks?
SquadW Name
SquadW Mar 17, 2021 7:57AM ET
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brett fry  5 - 10b in new stock emissions
 
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