Tesla’s recent earnings report raised red flags for investors, causing a significant drop in the company’s stock price. The report revealed a concerning 20% decline in car deliveries compared to the previous quarter.
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This news comes as a blow to Tesla. Hedge fund manager Per Lekander, a vocal critic since 2020, predicts this could be the beginning of a major downfall for the company. He believes that the stock, which has already plunged over 30% this year, could plummet a staggering 91% to just $14 per share.
Lekander argues that the company is faces several challenges, including increased competition, especially from Chinese automakers, and a general slowdown in demand for electric vehicles. He also suggests that CEO, Elon Musk, may be a liability for the company due to his controversial persona.
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Lekander isn’t alone in his concerns. Even typically optimistic analysts, like Dan Ives of Wedbush Securities, expressed worry about Tesla’s future. Ives called the upcoming quarter a “nightmare” and warned that Tesla needs to navigate these turbulent times effectively to avoid even worse outcomes.
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While Lekander represents a particularly bearish view, his concerns highlight the potential problems Tesla faces. The company must address declining deliveries, a more competitive landscape, and potential consumer disillusionment to regain investor confidence and prevent a significant stock price drop.
Reference- CNBC, Investor Business Daily, Bloomberg, Inside EVs, Reuters