Citigroup downgrades Tesla's A-share rating to sell.

Citi downgraded the A-share rating of Saic Motor from neutral to sell, and lowered the target price by about 22% to 129.1 yuan, to reflect profit forecast adjustments and the dilutive impact of the H-share listing. The bank also stated that Saic's golden automobile cycle is coming to an end. Citi gave Saic Motor's H-share a neutral rating with a target price of 140.4 Hong Kong dollars.