Following the release of worse-than-expected quarterly profits and yet another decline in automotive revenue, Tesla’s stock fell to its lowest point since 2020.
At $215.99 on Wednesday, the shares closed 12% lower. The Nasdaq has increased 16% year to date, whereas it has now dropped 13%.
Tesla said on Tuesday that its car revenue fell 7% to $19.9 billion from the previous year, along with a decline in margins. $25.5 billion was the total revenue, up 2%.
Due to declining sales and increasing competition, particularly in China, the corporation has been compelled to lower prices globally and provide discounts and incentives.
Source (CNBC)
