SHANGHAI ¨C Video of a parked Tesla Model S exploding and a Wall Street downgrade of the electric carmaker¡¯s stock pushed shares down 4 percent Monday, just as it prepared to issue results for a troubled first quarter.
Brokerage Evercore cut its recommendation for shares of the Silicon Valley company to ¡°sell,¡± becoming the 12th brokerage to ask investors to abandon billionaire Elon Musk¡¯s venture and raising bearish sentiment to its highest level ever.
Musk and Tesla Inc. have faced a range of challenges over the past year as one of the leaders in electric vehicle technology sought to ramp up production, deliveries and sales of the Model 3 sedan seen as crucial to its long-term profitability.
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