UBS has downgraded Tesla Inc (NASDAQ:TSLA) to a 'sell' rating following reports that Elon Musk’s electric vehicle giant is delaying its much-hyped robotaxi event by two months.
Bloomberg reported that Tesla’s hotly anticipated ‘Robotaxi Day’ will not go ahead in August as planned, instead pushing the event back to October.
Over $60 billion was wiped from Tesla’s valuation following the report, with shares expected to fall again when markets open on Friday.
UBS also highlighted concerns that Model 3 price increases in Europe were less than the tariffs on China-made vehicles recently implemented by the EU.