UBS: 'January: Very poor month for Tesla'

UBS analyst Patrick Hummel on Tesla (NASDAQ: TSLA): "OEM trends: Tesla as biggest loser in Europe with -51% y/y, in China -15% US D3 Jan sales (SDA): F -7% y/y, GM +17%, STLA -14%. Inventories were down m/m in absolute terms (F -5% m/m, GM -2%, STLA -5%), reducing stronger than total industry. In Europe's top-5 markets, Tesla lost -51% y/y, German OEMs were ~flattish, while RNO outperformed. In China, domestic brands gained share (69% of total market) while European brands remained flattish. Tesla lost -15% in retail sales y/y (wholesales - exports). Chinese NEV brands had the biggest share gains, especially Xpeng (+251% y/y) on new products."

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Shares of Tesla closed at $355.94 yesterday.

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