Tesla stock falls 5% as Trump trade fades, EV tax credits come under threat
Published On Nov 14, 2024, 4:06 PM
Tesla (TSLA) shares fell 5.7% as the stock's post-election gains diminished. This decline coincided with reports that the incoming Trump administration may consider eliminating the $7,500 electric vehicle tax credit. Despite hitting session lows, Tesla stock remains about 15% higher since the election. Analysts have increased their price target for Tesla to $400, citing optimism around potential regulatory changes under Trump that could accelerate Tesla's autonomous driving and AI initiatives.
Stock Forecasts
TSLA
Negative
The potential removal of EV tax credits could negatively impact Tesla's sales and overall market competitiveness, especially as consumers might be deterred from purchasing more expensive electric vehicles without the subsidy. Additionally, the recall of Cybertrucks could signal operational challenges for Tesla, impacting investor confidence.
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