Tesla stock under pressure after fiery, fatal Model S crash
Al Jazeera
The crash of a Tesla Model S over the weekend heaped even more pessimism onto electric vehicle stocks on Monday.
Tesla Inc.’s stock posted its biggest drop in a month after a fiery fatal crash of a Model S car over the weekend added to a broader pessimism about electric vehicle stocks. Shares of Elon Musk’s automaker fell as much as 6.5% in New York. While investigators are zeroing in on circumstances unique to the crash, industry watchers have been concerned that EV startups may soon lose their competitive edge, as mass-market rivals like Mercedes-Benz AG and Stellantis NV roll out their own models. Stellantis said last week it will accelerate its shift to EVs, and vowed that battery-driven cars will account for more than a third of its European sales by mid-decade. Italian supercar maker Ferrari NV plans to unveil its first entrant in 2025, and Mercedes-Benz has already debuted the EQS, the first all-electric car that the 94-year-old company will sell in the U.S.
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