JPMorgan sees 'material downside risk' for Tesla stock despite YTD drop
) stock, with its year-to-date declines now expanding to 35%. The company’s share price took another hit on Monday following the announcement of its biggest-ever round of layoffs, sparking further concerns about the carmaker’s prospects among Wall Street analysts.
Earlier in the month, Tesla disclosed first-quarter delivery figures that fell significantly short of Wall Street expectations, marking the company's first year-over-year decline in quarterly sales since 2020. Instead, the company plans to proceed with the development of self-driving robotaxis using the same small-vehicle platform, the report noted.
However, JPMorgan said it gave “little credence to this explanation,” pointing out that Tesla began the quarter with an already high inventory level of approximately 111,000 vehicles, a significant increase from two years earlier.
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