Tuesday’s slide knocks nearly $50bn off the electric carmaker's market value
Tuesday’s slide knocked nearly $50bn in market value off of Tesla. Picture: VICTORIA KLESTY/REUTERS
The sell-off came after Tesla missed estimates for fourth-quarter deliveries despite shipping a record number of vehicles. Tuesday’s decline made it the worst S&P 500 performer for the day. “Demand overall is starting to crack a bit for Tesla and the company will need to adjust and cut prices more especially in China, which remains the key to the growth story,” Wedbush Securities analyst Dan Ives said.
Tesla delivered 405,278 vehicles in the fourth quarter, short of analysts’ estimates of 431,117, according to Refinitiv. For all of 2022, its deliveries rose by 40%, missing Musk’s 50% annual target.
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