Apple Inc.’s reported foray into making its own self-driving, electric cars creates “a new Tesla bear case,” according to analysts at Morgan Stanley.
Tesla Inc. shares fell as much as 5.5% Tuesday, adding to their 6.5% drop on Monday, after Reuters reported that Apple is moving forward with autonomous technology and aims to produce a passenger vehicle by 2024 that could include its own battery design. Tesla’s two-day slump also follows its admission into the benchmark S&P 500 Index before the open on Monday.
