BYD Just Took Another Shot at Tesla Stock. How Should You Play TSLA Here?
BYD says its 'Super e-Platform' can charge its EVs for up to 400 kilometers in just five minutes. In comparison, Tesla vehicles get a 270-kilometer range after a 15-minute charge.
The announcement is adding to the continued selloff in Tesla stock that's already lost more than 45% since mid-January.
Why BYD News Is a Headwind for Tesla Stock
BYD's new charging technology could make its EVs more appealing to global consumers. This comes as Tesla is grappling with a slowdown in all three of its key markets: China, the European Union, and the United States.
In February, the EV maker's sales were down 6% in its homeland, 46% in Europe, and an alarming 49% in China. Plus, its rivals in Beijing are fully committed to dominating the robotaxis market as well.
Such concerns made RBC analyst Tom Narayan lower his price target on Tesla stock today.
Narayan also expects the company's FSD pricing to decline from $100 per month this year to $50 a month in 2026, further adding to pressure on its share price.
Is It Worth Investing in TSLA at Current Levels?
Investors have bailed on Tesla in recent weeks amidst a broader selloff in the U.S. tech stocks on fears that tariffs will push the economy into a recession in the second half of 2025.
Tesla has been losing its mojo with consumers due to CEO Elon Musk's involvement in politics as well.
While all of that contributed to RBC lowering its price target on Tesla stock today, it's worth mentioning that the firm's downwardly revised price target of $320 continues to indicate potential upside of about 40% from here.
Analyst Tom Narayan remains convinced that fears of sales decline are 'overblown' given that China and Europe 'represent a small portion of Tesla's total sales' while numbers in the U.S. are not that alarming in the first place.
Wall Street Sees Tesla Share Price Decline as Overblown
RBC is not the only firm that continues to see the year-to-date pullback in Tesla shares as a buying opportunity.
The mean target on TSLA currently sits at about $346, which indicates potential upside of more than 50% from current levels.
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