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Tesla stock seesaws as Musk denies report cheap EV will be scrapped

Tesla's stock partially recovered from a sharp drop in midday trading Friday after CEO Elon Musk refuted a report that the company is killing off a long-planned affordable electric car.

Why it matters: Tesla and other automakers need to make affordable, mass-market electric cars in order to stay competitive — especially with cheaper Chinese EVs knocking on America's doorstep.


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