Shares Tesla (TSLA) are moving lower on Tuesday morning as the company’s sales in China fell 18% year-over-year for the month of April, according to the China Passenger Car Association. The company has already been hit with falling sales in China as competition increases, causing the automaker to lower prices on select models.
Morningstar Equities Strategist Seth Goldstein joins The Morning Brief to give insight into Tesla’s current operations and how the company can move forward.
Goldstein discusses the nature of electric vehicle competition in China: "So I think for Tesla within China, they’re not in the affordable vehicle market. So yes, there are a lot of longer range, cheaper EVs out there and for consumers who only care about price, Tesla is likely not going to be the go-to choice in China right now. But Tesla can still compete in the high end luxury market on a technology standpoint with FSD. "
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