Tesla Share Price Down 12.6 Percent On First Trading Day Of 2023 via insideevs.com
Tesla shares dropped sharply on January 3, the year's first day of trading, continuing a downward trend that saw the stock plunge 70 percent last year.
The shares lost 12.6 percent of their value closing at $108.06, the lowest point since August 2020; the company's market value slid to $338 billion, down from over $1 trillion as recently as April. The share price decline comes a day after. While the 2022 numbers represented records for the EV maker – growth of 47 percent in production to 1.37 million vehicles and 40 percent in deliveries to 1.31 million – they fell short of analysts' expectations.reports that Wall Street was expecting Tesla to report around 427,000 deliveries for the final quarter of 2022, whereas the carmaker reported 405,278 deliveries. Some analysts believe
's deliveries miss spell trouble for the company, while others see a buying opportunity for the company in 2023.The failure to meet delivery targets in Q4 came despite a major year-end sales push that included, the company's best-selling models. Tesla also offered discounts in China, leading some to question whether demand for its vehicles is waning. Deliveries for the full year also fell shy of Elon Musk's pledge to grow deliveries by 50 percent every year.
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