Tesla’s announcement Monday that it is cutting jobs sent the shares down nearly 6%, continuing the year’s sell-off.
Tesla's announced job cuts on Monday failed to quell investor concerns that largely revolve around demand for the company's vehicles."Just when you think the news couldn't get any worse for Tesla, we have EV demand questions that have been popping up over the last few quarters," said Doug Clinton, managing partner at Deepwater Asset Management.
Prior to the layoffs, Tesla had been cutting prices and providing other buyer incentives, leading to likely margin erosion. Last week, the company said it'sthe subscription price of its premium driver assistance system, marketed as Full Self-Driving , by half for customers in the U.S. FSD doesn't make vehicles autonomous and requires an attentive driver at all times.from Kelley Blue Book, EV prices across the board were lower by 9.
"Just when you think the news couldn't get any worse for Tesla, we have EV demand questions that have been popping up over the last few quarters," Doug Clinton, managing partner at Deepwater Asset Management, said on CNBC's"Squawk Box" Monday."We have questions now about whether they're going to build the low-cost Model 2, price cuts on FSD."
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