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00:02Tesla shares fell Monday as the electric vehicle market weakened and concerns grew about the
00:07company's core automotive business, according to Barron's. U.S. EV sales fell 30% year-over-year
00:13in January and accounted for 6% of new car sales after the $7,500 federal tax credit expired at
00:20the end of September, reducing demand. Automakers cut prices in response to weaker demand,
00:25and average EV selling prices fell 3% year-over-year in December.
00:30Cantor Fitzgerald analyst Andres Shepard said lower pricing is expected to continue this year
00:35and could pressure Tesla's margins. Tesla plans to spend about $20 billion on equipment this year
00:40to support robo-taxis and robotics, roughly double its typical annual spending.
00:45Shares traded 5.9% below the 20-day SMA and 10.3% below the 50-day SMA.
00:52Shares were down by 2.91% at $399.83 at Monday's close, according to Benzinga Pro.
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