Tesla Stock Plunges 36%! Trade War Threats Escalate, Manufacturing Costs May Rise!
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TradingKey - Tesla's stock has plummeted over 36% this year, with the company warning in a letter to the USTR that Trump's trade war could make it a target for retaliatory tariffs.
Recently, U.S. automaker Tesla (TSLA) sent a letter to the Office of the U.S. Trade Representative (USTR), stating that President Trump's trade war could make it a target for retaliatory tariffs and increase the cost of manufacturing cars in the U.S.
Additionally, Tesla mentioned that it has been restructuring its global supply chain to localize production as much as possible. However, Tesla also warned, "Even with aggressive supply chain localization efforts, certain components are difficult or impossible to source domestically in the U.S."
This year, Trump has issued tariff threats against Mexico, Canada, China, the EU, and other regions, and is now considering imposing high tariffs on cars and parts produced worldwide in early April.
Tesla Stock Price Chart, Source: TradingView.
On Tuesday, Trump announced the purchase of a Tesla electric vehicle, boosting the stock's rebound. However, Tesla's stock is still down over 36%, completely erasing the gains from Trump's election victory in November last year. Guggenheim analyst Ronald Jewsikow believes Tesla's stock could fall to $170, representing nearly 30% downside from current levels.
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