SHANGHAI (Reuters) – Video of a parked Tesla Inc Model S exploding and a Wall Street downgrade of the electric carmaker’s stock pushed shares down 4 percent on Monday, as it prepared to issue results for a troubled first quarter.
FILE PHOTO: A Tesla logo is seen on a wheel rim during the media day for the Shanghai auto show in Shanghai, China April 16, 2019. REUTERS/Aly Song/File Photo
Brokerage Evercore cut its recommendation on shares of the Silicon Valley company to “sell”, becoming the twelfth brokerage to ask investors to abandon billionaire Elon Musk’s venture and raising bearish sentiment to its highest ever.
Musk and Tesla have faced a range of challenges over the past year as one of the leaders in electric vehicle technology