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Similarly, Mizuho cut its price target on China's Nio by about 5%, to $40 a share, citing - surprise! - "softer SepQ deliveries" and consequently lower expected earnings in the quarter. Although Tesla did still grow its deliveries 42% year over year, and grew its production numbers 54%, the miss necessitates a price target cut to $370 per share, says Mizuho today in a note covered by StreetInsider. Specifically, this morning, Japan's Mizuho bank lowered its price target on Tesla stock, citing "logistics challenges" that prevented the company from hitting its targeted delivery number for the last quarter. Granted, yesterday's announcement that Elon Musk has apparently decided he will buy Twitter after all is probably still having an effect on Tesla stock - but there's new news, too. In the case of electric vehicle (EV) specialists Tesla and Nio, it's basically Wall Street to blame for today's declines. Tic-tac-toe, three in a row, shares of Ford Motor Company (NYSE: F), Tesla (NASDAQ: TSLA), and Nio (NYSE: NIO) are down 2%, 1.9%, and 5.9%, respectively.Įach of the three ran into a fender bender of modestly bad news today. On an only modestly red day for the stock market, with major indices all down just a fraction of a percent each, shares of automotive stocks are getting hurt more than most.

All figures quoted in US dollars unless otherwise stated. This article was originally published on.