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Tesla Inc. shares plunged to their worst day in more than four years, extending a slide in 2025 amid growing concerns on Wall Street about demand for the company\u2019s electric cars.<\/p>\n<\/div>\n
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Its stock tumbled 15 per cent on Monday after UBS Group AG\u2019s Joseph Spak cut delivery projections both for the first quarter and the full year. Robert W. Baird & Co. analyst Ben Kallo similarly lowered his estimates for Tesla deliveries on March 6.<\/p>\n<\/div>\n
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Spak sees Tesla handing over only 367,000 vehicles this quarter, a 16 per cent reduction from his prior estimate. He\u2019s also no longer expecting the company to sell more vehicles in 2025 than last year, projecting a roughly five per cent annual drop. On average, analysts surveyed by Bloomberg are expecting a roughly 10% increase for the year, and Tesla executives have said the company will return to growth in 2025.<\/p>\n
\u201cWhile we do expect the Model Y refresh to help, we believe orders are somewhat muted,\u201d Spak wrote in a report to clients. He cited Tesla\u2019s website in China showing that customers only need to wait two to four weeks for delivery of the new SUV.<\/p>\n
In addition to disruptions related to changing over its most important model to a new design, blowback against chief executive Elon Musk is hurting Tesla\u2019s standing in some of the world\u2019s biggest EV markets early this year. In Germany, for instance, registrations plummeted 70 per cent during the first two months of the year as Musk weighed in on the country\u2019s closely contested federal election.<\/p>\n Recommended from Editorial<\/p>\n