TESLA INC. (NASDAQ:TSLA): Investors dump Tesla stock on concerns about falling profits

 


Tesla stock took a nose dive on Thursday and is now trading below the key technical level at $165.80 after the company released their Q1 2023 financial results, showing its net income fell 24% Y-O-Y to $2.51 billion.

One of the concerns for investors is the continuation of Tesla's perpetual price cuts. The company made it clear to investors during their Q1 2023 earnings call on Wednesday that they want to make and sell as many cars as they can now and harvest the margins in the future when they perfect autonomy.

Another concern is their robotaxi, which seems to be behind competitors (all with level 4 autonomy) including Alphabet’s Waymo One, GM's Cruise, Baidu's Apollo RT6 and AutoX. During the earnings call, Tesla stated that the company might achieve "full autonomy" (level 5 autonomy!?) this year.

The stock just broke the neckline of the double top chart pattern. So, more downside could be ahead.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!



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