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Why Tesla Stock Hit the Brakes Today
The stock of Tesla (NASDAQ: TSLA) has been on a bit of a winning streak. Shares have soared by more than 15% in just the last week. That streak looks to be coming to an end today, though.Tesla stock was trading down 4.5% as of 11:40 a.m. ET on Wednesday, declining by over 7% at the morning low. The reason for the drop is expanding competition in the self-driving vehicle sector. A recent announcement could mean that Alphabet's Waymo and Toyota may soon be taking a bite out of Tesla's growth plans.It's no secret that Tesla investors are counting on its self-driving technology for future revenue and profit growth. CEO Elon Musk himself famously said people shouldn't own his company's stock if they don't believe it will solve the problems with autonomous driving.Continue reading
The stock of Tesla (NASDAQ: TSLA) has been on a bit of a winning streak. Shares have soared by more than 15% in just the last week. That streak looks to be coming to an end today, though.
Tesla stock was trading down 4.5% as of 11:40 a.m. ET on Wednesday, declining by over 7% at the morning low. The reason for the drop is expanding competition in the self-driving vehicle sector. A recent announcement could mean that Alphabet's Waymo and Toyota may soon be taking a bite out of Tesla's growth plans.
It's no secret that Tesla investors are counting on its self-driving technology for future revenue and profit growth. CEO Elon Musk himself famously said people shouldn't own his company's stock if they don't believe it will solve the problems with autonomous driving.
