Tesla is sliding

Shares of Tesla were down over 2% in morning trading on Tuesday, to $375 after a Monday close at $383.

The dip is relative, given that Tesla is up almost 80% year-to-date, an epic surge.

There’s no obvious explanation for the slide, but Tesla did bolster its credit lines last week, adding $800 million. The carmaker has a fairly good cash position, with about $4 billion on hand, but it expects to spend at least $2 billion of that to launch the Model 3 mass-market vehicle in July.

Tesla also indicated that it intends to launch a proprietary music-streaming subscription business, which could add additional revenue if the company eventually puts hundreds of thousands of vehicles on the road.

TSLA Chart

source
Markets Insider