Shares of American electric automobile maker Tesla Inc suffered its worst streak last week after its stock ended last Friday’s session 7.6% lower which is its lowest during the past two weeks. The stock of the company also started lower on Monday’s session with the stock down by 1.74%.
Although the stock has gained more than 60% since the beginning of the year, the decline of Tesla’s shares during the past week until this week of more than have alarmed investors. This is attributed to the market’s preparation for the company who would be releasing a report regarding its deliveries and production for the third quarter.
Tesla shares have rallied earlier this month on speculations and upon Tesla’s chief executive officer Elon Musk’s confirmation regarding their plans to manufacture an autonomous semi-truck which would be revealed next month tentatively for public viewing and test ride.
According to Musk, the company’s plans to unveil the semi-truck has been in the talks for the past year and is expected to carry around 80,000 pounds which is twice as much as diesel-powered trucks usually do.
Analysts are currently wary on Tesla shares and the possibility of the company not being able to meet their personal delivery and sales goals. Last year, the company missed its own target deliveries for the year. However, Tesla stated that this was due to the company recording only the number of deliveries which met their cutoff dates.
Tesla who unveiled its much-awaited Model 3 vehicle recently is expected to start boosting its production this month and continue raising the number until next year. The model which is priced starting at $35,000 making it the most affordable Tesla unit yet has been receiving around 1,800 in daily orders since its official release.
In line with their production boosting and Tesla’s overall expansion, the company announced that it would start building new superchargers in new locations all over the countries as well as the plan to start addition stores or cafes where the charging stations are located making it more convenient for Tesla owners to charge their vehicles.
Earlier this month, Tesla slashed the prices of a number of its Model S and X variants attracting more customers. Despite this, investors are still looking at Tesla’s production and delivery number updates regarding the next release of the Model 3.
The stock which is currently down was projected during the past weeks to rise by as much as $370 is now trading at around $344.99. However, the stock has surged by as much as 80% since the beginning of the year excluding the setbacks it suffered during the past month.
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