Goldman Sachs expects Tesla shares to decline 10%

Goldman Sachs expected a 10% decline in Tesla shares, even after the progress made in China in the field of self-driving.

The bank also has a neutral rating for the electric car manufacturer, according to CNBC.

Tesla shares fell in today’s trading after the company’s CEO, Elon Musk, announced in an internal memo that 500 of the company’s employees were being laid off. The company seeks to reduce costs in light of the decline in demand for electric cars.