The U.S. stock market was hit after President Donald Trump announced new tariffs. The Nasdaq plunged nearly 3%, dragging down electric vehicle stocks.
On Monday, Tesla’s stock fell 2.84%, closing at $284.65 and bringing its market cap down to $915.5 billion. Rivian and Lucid also declined, dropping 2.79% to $11.51 and 4.50% to $2.12, respectively.
Ironically, Tesla had surged over 2% earlier, following Morgan Stanley’s bullish price target revision. Analyst Adam Jonas raised his target to $430, citing Tesla’s expansion into AI and robotics as potential growth drivers. This new target implies a 51% upside from that day’s closing price.
However, Trump’s late-day tariff announcement sent tech stocks into a tailspin, and Tesla was caught in the downdraft.
