Tesla erases $80 bln in valuation after Musk's sales warning

Economy 14:15 26.01.2024

On January 25th - Tesla (TSLA.O), opens new tab tumbled over 12% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition. Ednews informs referring to Reuters. 


Musk said on Wednesday that growth would be "notably lower" as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.

But he said ramping up production of the new model would be challenging because it would involve cutting-edge technologies.
Tesla's stock suffered its sharpest intraday percentage loss in more than a year, with $80 billion in market value wiped out on Thursday. That pushed its market capitalization loss for the month to about $210 billion.
"The Tesla headlines have essentially gone from bad to worse," said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.

"The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere," said Michael Hewson, chief market analyst at CMC Markets.

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