©Reuters. Tesla (TSLA) On Track For Worst Week Since January; Citi remains on the sidelines
Tesla (NASDAQ:) stock is on track to post 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 sales in China saw a decline in February, likely due to a slowdown during the Lunar New Year holiday.
A decline in TSLA’s primary market sales has clouded the company’s global delivery forecast due to falling demand, intensifying competition and challenges such as a lack of entry-level models and an aging product lineup.
Additionally, Tesla temporarily ceased operations following a suspected arson fire nearby, which CEO Elon Musk described as “extremely stupid.”
The accident, which occurred south-east of the German capital, saw the fire of an electrical pylon near the factory.
While the fire did not spread to Tesla’s factory — the company’s first manufacturing plant in Europe — it caused a power outage that halted factory 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 first quarter approach appears difficult with consensus still high (Citi