Major Tesla (NASDAQ:TSLA) shareholder T. Rowe Price Group Inc. (NYSE:TROW) had a 5.2% stake in the embattled EV maker as of 31-December, about 50% of its earlier stake, a regulatory filing showed Monday.
As of September 2018, the fund manager had a 10.12% stake in Tesla.
Related story: Tesla Faces ‘Serious Competition’ From a Detroit Startup, According to Morgan Stanley (NYSE:MS)
Tesla could lose its electric car king crown soon.
Morgan Stanley analyst Adam Jonas, an expert in the market, said that Tesla’s dominance of the US electric car market with 80% of unit sales and 90% of revenue is “unsustainable” and faces “serious competition” from a Plymouth, Mich. startup, Rivian Automotive. The company has “access to talent & capital,” according to Mr. Jonas, and is focused on the sweet spot in auto sales these days: pickup trucks and SUVs.
Although Tesla’s products are popular with buyers, they have been in the passenger car category so far. Tesla’s specifications for its Model X SUV show a 295-mile range. The company has yet to introduce a pickup.
HeffX-LTN’s overall technical outlook for Tesla is Bearish.
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