The plunge comes amid a wider meltdown in the markets, as the spectre of an economic slowdown rattles investors already bracing for the impact of rising inflation and higher interest rates.
Tesla’s own list of woes are long: Vehicle delivery in the third quarter took a hit due to logistical troubles, and some analysts warned that the climbing prices of the company’s cars may also weigh on demand at some point.due to Covid-19 lockdowns in the city.
The company has also dealt with supply shortages and a surge in raw material costs, as has almost every other automaker around the globe. Chief Executive Elon Musk’s highly public attempt to first buy Twitter Inc., then to walk away from the deal and buy it again, has also been a drag on the stock, due to concerns that the company’s leader is spreading himself too thin between several challenging ventures.
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