Tesla shares fell 6% on Tuesday and have dropped for five straight days, wiping out over $200 billion in market cap.
The latest slide came after Chinese rival BYD announced plans to develop autonomous vehicle technology with DeepSeek.Tesla and SpaceX CEO Elon Musk joins U.S. President Donald Trump during an executive order signing in the Oval Office at the White House on Feb. 11, 2025 in Washington, DC.
"In our view, competition between Waymo, Tesla and a host of Chinese players is a key driver on the path to commercialization" of robotaxis," Morgan Stanley analysts wrote in a note to clients after the BYD announcement. The firm recommends buying the stock and has a price target of $430.In a report on Tuesday, Oppenheimer analysts wrote that the "autonomy competition may limit profitability.
OpenAI has since commercialized numerous products, most notably ChatGPT. Co-founder and CEO Sam Altman is seeking to restructure OpenAI as a for-profit entity. Musk has sued OpenAI to prevent that transition, and started xAI as a direct competitor.
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