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Goldman Cuts Tesla and Makes GM a Buy on Better Sales Outlook

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GM Says Almost All Workers Are Back After Pandemic Layoffs

Goldman Sachs analysts downgraded Tesla Inc. after the stock overshot their price target and bumped General Motors Co. up to a buy on a brighter outlook for global auto sales.

While Goldman analysts led by Mark Delaney remain positive on Tesla for the long term, recent price cuts and production challenges with the new Model Y crossover cloud the electric-car maker’s intermediate outlook. GM is meanwhile well positioned to take advantage of buoyant U.S. pickup sales and China’s recovering auto market.