Tesla’s slowing growth is sending a warning to all EV makers

Reuters

TESLA this week tempered its growth expectations, signalling that pain is coming for the electric-vehicle industry, a Morgan Stanley analyst said on Friday. Adam Jonas, a long-time bull on the EV behemoth, said investors should seriously consider the broader implications for the EV industry globally after the company’s disappointing third-quarter results and its cautious earnings conference call. Demand seems to be slowing for the carmaker, Jonas said. “We see a warning from the ‘gold standard’ of EVs having a ripple effect across the industry,” Jonas wrote in a note to clients entitled “Tesla’s 3Q: A Watershed Warning to the EV Industry?” After market close on Wednesday, Tesla posted results that fell short of analysts’ expectations for both adjusted earnings and revenue. The company’s price cuts for its cars are only…

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Cape Times (Digital) - 1 Issue, 2023-10-23

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