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Tesla shares fell 13% after the company reported lower-than-expected earnings and warned of a slowdown in 2024. The automaker’s revenue rose only 1% YoY in Q4 2023, and it stated that vehicle volume growth in 2024 could be significantly lower. Short sellers made over $1.4 billion on Tesla since the earnings report. Tesla has been cutting prices globally to compete with Chinese players and traditional automakers, which has impacted its margins. Several brokers have also reduced their price targets for the company.

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