[Image source=Reuters Yonhap News]

[Image source=Reuters Yonhap News]

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[Asia Economy New York=Special Correspondent Joselgina] On the 5th (local time), the US investment bank (IB) JP Morgan lowered the target price of electric vehicle company Tesla from $395 to $385.


According to economic media CNBC and Market Insider, JP Morgan lowered the target price after Tesla's Q2 vehicle deliveries were found to have decreased by 18% compared to Q1.


The target price presented by JP Morgan is 44% lower compared to Tesla's closing price on the 1st, which was $681.79.


JP Morgan anticipated that the suspension of operations at the Shanghai factory in Q2 due to China's COVID-19 lockdown, as well as production disruptions at the Austin factory in Texas and the Berlin factory in Germany, could impact Tesla's financial statements. These factories were recently described by CEO Elon Musk as "giant money furnaces."


Earlier, Tesla announced that due to the impact of China's COVID-19 lockdown, Q2 vehicle deliveries decreased by about 55,000 units from the previous quarter, totaling 254,695 units.


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Meanwhile, according to Refinitiv data, the median target price for Tesla fell from $1,088.50 in April to $950.


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