Tesla Delivery Projections Slashed by Goldman Sachs Amid Demand Concerns

Tesla shares have been struggling this year, and things just got worse. Goldman Sachs downgraded its third-quarter delivery projections for the electric vehicle pioneer, citing softer demand across major markets.

The investment bank reduced its forecast to 435,000 units from a prior estimate of 490,000, well below the Wall Street consensus of 456,000 vehicle deliveries.

This move comes as Tesla's shares have declined 20% year-to-date and maintain a market capitalization of $1.41 trillion.