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Tesla on track for worst week since January; Citi to 'remain on the sidelines'

Published 03/07/2024, 06:38 AM
Updated 03/07/2024, 06:41 AM
© Reuters.  Tesla (TSLA) on track for worst week since January; Citi to 'remain on the sidelines'

Tesla (NASDAQ:TSLA) stock is on track for its worst weekly performance since January, losing more than 12% since Monday.

The fresh losses in the electric vehicle (EV) giant’s shares came after its China sales saw a decline in February, likely due to a slowdown during the Lunar New Year Holidays.

A drop in TSLA’s primary market sales has clouded the company’s global delivery forecasts amid dwindling demand, intensifying competition, and challenges such as the absence of entry-level models and an aging product range.

Moreover, Tesla has also temporarily ceased operations following a suspected arson incident nearby, which CEO Elon Musk described as "extremely dumb."

The incident, which took place southeast of the German capital, involved an electricity pylon close to the factory being set on fire on Tuesday.

Although the fire did not extend to Tesla's facility – the company's inaugural manufacturing plant in Europe – it resulted in a power outage that halted the factory's operations until further notice.

In a recent note to clients, Citi analysts said they will “remain on the sidelines on Tesla shares awaiting a more compelling entry point.”

“Tactically, the Q1 setup looks tough with consensus still elevated (Citi

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