Tesla's stock opened under $200 at $197.75 on Tuesday, a substantial decrease from the $332.80 it was trading for in December 2018. In April, Tesla posted a $722M loss for the first quarter of 2019. Tesla has faced terrible delivery reports over the last two quarters while also trying to get the new Tesla Model Y production online and a Gigafactory in Shanghai operational.
The Los Angeles Times reports that Wedbush Securities Analyst Dan Ives has cut the price target of Tesla from $275 a share to $230 a share citing an escalating trade war between the U.S. and China. Another analyst cuts Telsa's forecast Chinese sales in half and sees the company being forced to take on new partners to make ends meet.
Tesla recently raised $2.7 billion in a stock and bond sale, an amount that Tesla head Elon Musk says will give the company about 10 months of cash.