Tesla shares have suffered a massive drop in recent months, with noted Tesla analyst Dan Ives of Wedbush Securities stating this week that CEO Elon Musk is viewed as “asleep at the wheel” from a leadership perspective.
. This follows news that Tesla has temporarily stopped production at its Shanghai plant due to declining demand in the world’s largest automotive market.According to Reuters, production at Tesla’s Shanghai plant has been suspended during the final week of the year, affecting the production of the Model Y sedan. This temporary shutdown is expected to result in a reduction of sedan production by approximately 30% compared to November.
Wedbush analyst Dan Ives commented: “With China the core linchpin to the Tesla bull thesis, worries are growing around what the softening demand picture looks like for 2023 given the dark macro clouds and increasing domestic EV competition.” Ives also reduced his fourth-quarter delivery targets for Tesla from 450,000 to 410,000.
On Tuesday, Tesla’s shares experienced a decline of 11.05 percent and were trading at $109.53 per share, the lowest point since August 2020. This drop extends the stock’s overall decline in 2022 to approximately 72.6 percent.
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