Tesla stock drops after analyst claims cancellations are outpacing orders

Needham & Co. analyst Rajvindra Gill downgraded Tesla’s stock on Thursday, claiming in a letter to clients that nearly 1 in 4 of the carmaker’s Model 3 orders have been canceled — with refunds now outpacing purchases.

What’s the situation?

Gill called sales of the vehicles “lackluster,” attributed to manufacturing delays, unavailability of the base model, and the expiration of a $7,500 tax credit. The analyst cast doubt on Tesla’s ability of reaching its year-end production...

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