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Tesla (TSLA.O) shares fell 9% in Wednesday's session amid doubts about future profitability after the electric car maker cut all U.S. car prices to offset the impact of reduced tax credits for green energy vehicles and failed to meet quarterly shipments of its best-selling model 3.
Analysts questioned whether Sla's $2,000 cut in all car prices implied a decline in demand in the U.S. market, which would ultimately undermine the company's newly earned profitability. Tesla had never made an annual profit before.
"Our view is that this move may imply that many of Tesla's bulls outside the world think that the company may not have so many outstanding orders," Bank of America analyst John Murphy said in the report.
Elon Musk, Tesla's CEO, had previously unexpectedly pledged to make a profit in the third quarter. If it does, it will be the third time in its 15-year history that it has made a profit. However, Musk often set goals and deadlines, but ultimately failed to achieve them. Tesla did not make a profit in the first nine months of 2018, and cash flow remains a major concern for investors.


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