From Nasdaq: 2024-04-03 17:00:26

Tesla reported a significant drop in electric car sales in Q1 2024, delivering 386,810 cars, 20% lower than the previous quarter. Wedbush analyst Dan Ives called it an “unmitigated disaster.” Tesla’s stock plunged, now one of the worst S&P 500 performers, with a halved market cap since 2021’s peak.

Legacy automakers like GM, Ford, and Stellantis are gaining traction as EV sales slow. Shares of these companies are up significantly in 2024, offering investors safety and potential returns. Tesla’s stock performance continues to lag, with analysts expressing concerns about its future cash flow.

Investors are shifting focus to legacy automakers like Stellantis, favoring their cash flow projections, dividends, and lower valuations compared to Tesla. Stellantis, formed by Fiat Chrysler and Groupe PSA, boasts strong financials and plans for an EV offensive, making it an attractive investment choice. STLA is seen as a buy under $28.



Read more at Nasdaq: Forget Tesla, Look to This ‘Big Three’ Stock for EV Upside