Why Tesla Stock Was Falling This Week
Week to date, shares of Tesla (NASDAQ: TSLA) were down 11% through Thursday's close, according to data provided by S&P Global Market Intelligence. The stock has been under pressure in recent months over worries about demand trends for electric vehicle amid a weak economy.
Year to date, the stock has fallen 51%, but some analysts are still bullish on the stock heading into 2023.
Earlier this week, reports surfaced that the electric vehicle (EV) maker was cutting production of the Model Y at its Shanghai Gigafactory in China. Regardless of whether those reports are accurate, Tesla is still growing quite fast in a tough economy. In the third quarter, Tesla grew revenue 55% year over year, with free cash flow more than doubling.
Source Fool.com
