Tesla Inc's shares sank more than 8% on Thursday and dragged down other automakers after Chief Executive Elon Musk signaled the electric-vehicle maker will keep cutting prices to drum up demand even after taking a big hit to margins.
shares sank more than 8% on Thursday and dragged down other automakers after Chief Executive Elon Musk signaled the electric-vehicle maker will keep cutting prices to drum up demand even after taking a big hit to margins.
"Facing a volatile macroeconomic backdrop and weakening demand, Tesla continues to prioritize units over near-term profits," said analysts at Canaccord Genuity.and missed market estimates, after the company kicked off a price war in January to defend its dominance in the U.S. and make inroads in China, its second-largest market.
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