FILE PHOTO: The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo
(Reuters) -Tesla shares came under pressure on Monday after a report that Germany's SAP was no longer planning to buy electric cars from the U.S. automaker and on Piper Sandler's price target cut on the stock, citing lower delivery expectations this year.
Shares of the Elon Musk-led company fell 4% to $180.46 in late afternoon trading, hitting their lowest since May 2023. If losses hold, the world's most valuable automaker could lose nearly $24 billion in market capitalization.
