Tesla’s stock plunge erased $50 billion in market value.
Musk and other executives teased a cheaper “next gen” electric vehicle during Wednesday’s “investor day” event at the company’s headquarters in Austin, Texas – but the announcement was light on details about the car’s performance specs, vehicle models or a potential release date.in Tesla’s market value Thursday. Shares of the world’s top EV maker fell to $189.60, down $13.17, in midday trading.
Executives also confirmed plans to build a new production plan in Monterrey, Mexico and spoke extensively about the company’s other initiatives, including a global shift toward sustainable energy and advances in artificial intelligence technology. Tesla also addressed concerns about its business in China and whether its key Shanghai production plant could be impacted by rising friction between the US and Beijing.Earlier this week, Musk was reprimanded by the Global Times, a state-run media outlet that serves as a mouthpiece for the Chinese Communist Party.
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