Shares of Tesla Inc. have experienced a sharp decline in recent trading sessions, marking the worst four-day performance of the year. After the opening bell, the stock initially dropped as much as 4.5% within the first 15 minutes. However, it quickly recovered and is currently down only 0.6% in morning trading.
This morning, Tesla hit an intraday low of $202.51, its lowest price during regular-session hours since June 1. The stock has now fallen 17.3% over the course of four consecutive losing sessions, making it the most significant decline over a four-day period since December 28, 2022 when it lost 18.1%.
The recent downturn began after Tesla reported disappointing third-quarter results following the closing bell on October 18. Additionally, the company issued a recall for nearly 55,000 Model X EVs due to a brake condition and adjusted its projected capital expenditures for the year, resulting in further selling pressure.
Over the past three months, Tesla’s stock has dropped 18.9%, while the S&P 500 has experienced a 7.0% decline.
The uncertain market conditions continue to weigh on Tesla’s stock, impacting investor sentiment and underscoring the challenges the company currently faces. As a leader in the electric vehicle industry, Tesla will need to address these obstacles effectively to regain investor confidence and drive future growth.