HSBC Sees Steep Decline for Tesla Stock

HSBC analyst Mike Tyndall has reiterated a “reduce” rating on Tesla, warning that the company’s shares could fall by more than 60%, Victor Tangermann reported for Futurism.

Tesla's core automotive business has weakened significantly. (Photo: Tesla Asia)

As Tesla pivots from electric vehicles toward artificial intelligence and humanoid robotics, its core automotive business has weakened significantly.

The company recorded a four-year sales low in the US earlier this year, with little indication of near-term recovery.

Tesla’s stock is already down nearly 20% year-to-date. Tyndall projects the shares could drop from around $365 to $131 within a year, representing a significant correction from previous highs near $480.