Tesla unveiled its long-awaited Model Y at the company’s design studio in Los Angeles on Thursday night.
Tesla shares tumbled in morning trading Friday, hours after the company unveiled the Model Y crossover utility vehicle that some Wall Street analysts are calling ‘underwhelming.’
« We thought the unveiling was a disappointment and are seeing a classic ‘sell the news’ situation this morning, » CFRA analyst Garrett Nelson told CNBC.
CEO Elon Musk dove into one of the hottest segments in the automotive market with the long-awaited debut of the Model Y at its design studio in Los Angeles on Thursday night.
« It’s wild to think about, 11 years ago today we’d made literally one car. And a year from now we’ll have made a million, » Musk said.
The electric car maker’s stock fell 4 percent in intraday trading, further straining shares that are down by more than 16 percent so far this year as the company faces increased competition and pressure on its profit margins as it tries to lower prices on its lineup of all-electric vehicles.
