Tesla shares sank more than 6.8 percent on Thursday and dragged down other automakers after Chief Executive Elon Musk signaled the electric-vehicle maker will keep cutting prices to drum up demand even after taking a big hit to margins.
The stock was trading at $168.25, with at least 15 analysts lowering their price targets on Tesla. The company was set to lose around $50 billion in market value, if losses hold.
"Facing a volatile macroeconomic backdrop and weakening demand, Tesla continues to prioritize units over near-term profits," said analysts at Canaccord Genuity.
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