BUZZ-Tesla extends slide after losing 14% so far this week

Tesla shares continue to decline, losing over 14% this week. The drop is attributed to a price war in China, slowing US sales, high investment costs, and layoffs. Deutsche Bank downgraded the stock due to risks from a Robotaxi pivot and Model 2 delays. Despite this, some brokerages still rate Tesla as a buy. The stock is down ~40% YTD compared to the Nasdaq's 4% gain.

** Tesla shares drop 1.5% at $147.6 in premarket trade

** EV maker’s stock on track to extend declines for sixth day, having lost more than 14% in the past five sessions and hitting near 15-month low on Thu

** U.S. National Highway Traffic Safety Administration said TSLA recalling 3,878 Cybertrucks over faulty accelerator pedal

** Stock has taken a hit from the fierce price war with rivals in China, slowing U.S. sales and high investment costs in new models and artificial intelligence

** Earlier this week, Reuters saw an internal memo on TSLA’s plans to lay off more than 10% of global workforce, prompting multiple brokerages to flag a challenging mid-term outlook

** Deutsche Bank on Thu downgraded TSLA on risks from Robotaxi pivot, Model 2 delays

** Out of 50 brokerages tracking TSLA, 16 rate “buy” or higher, 23 hold and 11 “sell” or lower; media PT at $175

** As of last close, TSLA shares down ~40 YTD vs tech-heavy Nasdaq’s (.IXIC) ~4% gain

TSLA