Rivals including Rivian Automotive, Lucid Group and Fisker fell between 3.3% and 4.5%, while legacy automakers such as Ford were down around 0.6%. The comments marked a change in tone from Tesla CEO Musk, who had said last year that his company was “recession-resilient”. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts.
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