Tesla shares fell, extending their recent declines, amid concerns over its self-driving technology and robotaxi rollout. In contrast, Chinese EV maker BYD unveiled an ultra-fast charger that can fully power a car in just five minutes, sending shockwaves through the electric vehicle market.
Analysts have lowered their forecasts for Tesla due to these concerns, with RBC Capital cutting its price target from $440 to $320 and Oppenheimer projecting 30,000 fewer vehicles than expected. BYD, on the other hand, plans to launch vehicles with its new Super e-Platform technology starting next month, which can provide a range of nearly 250 miles in the same time it takes a gas-powered car to refuel.
The news has sent shares of BYD soaring to a record high in Hong Kong, while Tesla’s stock continues its downward trend. The company is reportedly planning to roll out a cheaper version of its Model Y SUV in China next year. With BYD’s ultra-fast charger gaining attention, investors are likely to keep a close eye on the electric vehicle market’s developments.
Source: https://www.investopedia.com/tesla-stock-slumps-amid-china-news-downbeat-wall-street-takes-11698852