Tesla shares plunge to wipe out $73 billion in market value, after dour earnings call
CNN
Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $71 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals.
Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. In an earnings presentation Wednesday, the world’s most valuable automaker said its sales growth this year “may be notably lower” than last as it continued developing the “next-generation” vehicle, likely a lower-priced model. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. Tesla’s financial results for the last quarter also disappointed, with adjusted earnings per share down 40% from a year earlier, and revenue, which rose 3% to top $25 billion, coming in below market forecasts. It was the second straight quarter the company fell short of earnings forecast by analysts, following a string of better-than-expected results stretching back to the start of 2021. The stock doubled in price during the course of 2023, but those gains came in during the first half of the year and Tesla shares were off to a weak start in 2024, falling 16% before Wednesday’s earnings report. The stock is currently trading at its lowest level since April last year.
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