Tesla's Stock Selloff Messes Up Musk's Big Week
- Execution and competitive risks cloud cheaper car’s arrival
- Stock is on course for its worst week since February 2016
Why Shares of Tesla Are Tumbling This Week
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This was supposed to be Elon Musk’s big week, capped by Tesla Inc.’s first Model 3 sedan rolling off the assembly line. Instead, shares that had been riding high in anticipation of his most consequential car yet are poised for their worst week in almost a year and a half.
A troublesome quarterly sales report, the emergence of competing electric vehicles from the likes of Volvo Car Group and lingering concern about Tesla’s ability to mass produce have sent its stock down 13 percent this week. Modest gains in Friday trading still have left the shares on course for their steepest weekly drop since February 2016, and Tesla’s market value has dropped back below General Motors Co.