According to the agency, the rapid decline in the value of shares of the American company is due to increased competition from China and a drop in demand for cars.
It is noted that Tesla doubled its capitalization in 2023, however, after reports from one of the largest car rental players, Hertz Global Holdings Inc. about the abandonment of electric vehicles, the company's shares plummeted.
“Investors’ main concern regarding Tesla is stagnant growth in the electric vehicle market,” Bloomberg quotes Cowen analyst Jeffrey Osborne as saying.
The other day, Tesla announced another price cut for its products in China as part of the competition.
