Tesla Inc. shares plunged after disappointing quarterly results raised questions about Elon Musk’s plan to refocus the electric vehicle maker on artificial intelligence and robots.
The stock tumbled 15% in New York on Thursday, the biggest drop since March 2025 and extending the decline this year to 29%. Multiple analysts cut their price targets for Tesla following the earnings report, including those from JPMorgan, Cantor Fitzgerald and Mizuho Securities.
Profit fell well short of Wall Street’s estimates for the period as spending on its ambitious initiatives surged to $5.8 billion, resulting in Tesla’s first cash burn in two years. ...