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Barchart
Barchart
Anushka Mukherji

Will the Tesla Robotaxi Reveal Be a Sell-the-News Event?

Tesla Inc. Elon Musk Adam Jonas Morgan Stanley Waymo Cruise GM

Tesla, Inc. (TSLA), once the shining star of the “Magnificent Seven,” has more recently been hit with calls to be removed from the elite group of tech stocks. The electric vehicle (EV) leader is grappling with a series of setbacks, including sweeping global price cuts, layoffs, top executive exits, and intense competition in the EV space. The stock’s once-unstoppable ascent is now facing multiple macro-level challenges.

In fact, for the first time ever, Tesla's dominance in the US electric vehicle market slipped below 50% in the second quarter of this year, capturing just 49.7% of sales, according to Cox Automotive. This dip marks a historic shift, signaling a new era in the EV landscape where Tesla's once-ironclad grip is now under pressure, with legacy auto giants like General Motors (GM), Ford (F), and Volkswagen (VWAGY) racing to catch up. 

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