Tesla price cuts in China ‘much worse than you think,’ says GLJ Research

GLJ Research analyst Gordon Johnson says Tesla’s 10.5% "across the board" price cuts in China last night are "much worse than you think." The cuts come after factory production was cut by 30% last month and a 14-day shutdown is planned for this month, Johnson tells investors in a research note. He adds that the bulk of Tesla’s China factory production currently is being exported. In Tesla’s largest market of China, "it seems new orders are close to zero," contends Johnson. The analyst maintains his view that Tesla "will go down as the single-greatest stock short of all time." Johnson has a Sell rating on the shares with a $73 price target. The stock in morning trading is down 4% to $105.74.