Tesla, Inc (NASDAQ:TSLA) stock is trading lower Friday following reports of the EV maker dumping its low-cost vehicle plans amid China competition. According to a Reuters exclusive report, Tesla has canceled production of its much-anticipated affordable car, which veers away from CEO Elon Musk’s original mission to create electric vehicles accessible to a broader audience. This decision dampens hopes for expanding Tesla’s market reach and signifies a shift in focus toward developing self-driving...

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"It shows that they (Tesla) need to kind of go back to the drawing board and figure out kind of what their next move is going to be because they're sitting on elevated inventories for the Model Y, which is their best-selling car." "I just don't know that the full stuff driving robotaxi feature that Tesla sees is something consumers are ready for."...

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Reuters reported earlier on Friday that Tesla has canceled the long-promised inexpensive car but will continue developing self-driving robotaxis on the same small-vehicle platform. This year's slump in Tesla stock has threatened its place in an elite grouping of companies that powered a surge in U.S. markets in recent years, several market experts have said. The so-called "Magnificent Seven" consists of Apple, Microsoft, Amazon.com, Alphabet, Meta Platforms, Nvidia and Tesla...

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Tesla's reported move to scrap plans for a low-cost car marks the latest disappointment for investors who have dumped shares of the automaker this year on worries over slowing demand, an aging vehicle line-up and rising Chinese competition. Reuters reported earlier on Friday that Tesla has canceled the long-promised inexpensive car but will continue developing self-driving robotaxis on the same small-vehicle platform. This year's slump in Tesla stock has threatened its place in an elite grouping of companies that powered a surge in U.S. markets in recent years, several market experts have said...

Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters. The decision represents an abandonment of a longstanding goal that Tesla chief Elon Musk has often characterized as its primary mission: affordable electric cars for the masses. Tesla shares were down by 6% in late morning trading after the Reuters report...