Tesla Share Plunge Wipes Off $80 Billion Of Firm’s Market Value

Shares in Tesla plunged 12% this week, wiping $80 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, Anna Cooban reported for CNN.

While it reported a sizable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. I Photo: Tesla X

Tesla’s stock suffered its worst day in 21 months and closed at its lowest level since December 2022. Since the start of 2024, the company’s market capitalization has fallen by $210 billion.

In its latest earnings presentation, 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 sizable 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, Chris Isidore also reported for CNN.

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