Tesla stock tests 1-year lows as market cap drops below $500 billion
) stock extended its decline on Tuesday, which pushed the company’s market capitalization to below $500 billion. Minutes after New York opened, Tesla shares were down nearly 4% on the day.
Moreover, on the same day, two high-ranking executives, Senior Vice President Drew Baglino and Vice President of Public Policy and Business Development Rohan Patel, declared their resignations from the company. Instead, the company is redirecting its efforts towards developing self-driving robotaxis based on the same small-vehicle platform, according to the report. The robotaxi news is not something that can help Tesla stock to re-rate.
“We continue to worry about the setup for TSLA earnings, with potential Q1 FCF burn and reduction in FY volume guidance, and most important, potential thesis-changing strategic update if Model 2 is indeed de-emphasized,” Rosner added.“This change in strategy would also make any upside from here tied to Tesla cracking the code on full driverless autonomy, which represents a significant technological and regulatory challenge.
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