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Tesla Stock Falls as Market Share Declines, Competition Heats Up with BYD

Daniel Kim Views  

Yonhap News

Tesla, the leading electric vehicle (EV) manufacturer in the United States, is raising investor concerns due to a series of recent stock price declines. On Thursday, Tesla’s stock closed at $249.85, down 2.99% on the New York Stock Exchange. This figure mirrors the stock price at the beginning of the year, while the Nasdaq index has risen about 23%.

Following the announcement of its third-quarter results on October 23, Tesla’s stock price surged to $269.19 on October 25. However, it has since experienced four consecutive days of decline, starting Monday. This downward trend and concerns that Tesla’s market share is threatened are heightening investor anxiety.

According to the California New Car Dealers Association’s third-quarter registration data, while the total number of EV registrations in California increased by 2.3% compared to last year, Tesla’s new car registrations fell by 3.5%. This reflects a significant decline of 12.6% in Tesla’s new car registrations in California during the same period last year. Tesla is also experiencing a drop in the overall EV market share from 13.6% to 12.1%.

Meanwhile, Chinese EV manufacturer BYD is intensifying competition and applying significant pressure on Tesla. BYD’s third-quarter revenue reached 27.7 billion dollars (a 24% increase from the same period last year), surpassing Tesla’s revenue of 25.2 billion dollars for the same quarter. According to Reuters, BYD is expanding its overseas market share this year and is reportedly preparing new production facilities in various regions worldwide.

In addition to the decline in Tesla’s stock price, Benzinga reported that Ark Invest, led by Cathie Wood, sold 62,151 shares of Tesla stock from its major exchange-traded funds (ETFs). Based on the previous day’s closing price, the sale is valued at approximately 16 million dollars. This further reflects a waning confidence among investors in Tesla.

Daniel Kim
content@viewusglobal.com

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