FILE: Tesla shares slump on demand worries, logistical issues

Record ID: 1705032

  • Title: FILE: Tesla shares slump on demand worries, logistical issues
  • Date: 3rd January 2023
  • Summary: FREMONT, CALIFORNIA, UNITED STATES (FILE - MAY 8, 2020) (Reuters) VARIOUS OF TESLA FACTORY, VEHICLES IN TESLA FACTORY PARKING LOT, AND TESLA EMPLOYEES
  • Embargoed: 17th January 2023 17:05
  • Keywords: Elon Musk Tesla cars stocks
  • Location: UNKNOWN LOCATIONS, NEW YORK, NEW YORK, UNITED STATES AND FREMONT, CALIFORNIA, UNITED STATES
  • City: UNKNOWN LOCATIONS, NEW YORK, NEW YORK, UNITED STATES AND FREMONT, CALIFORNIA, UNITED STATES
  • Country: US
  • Topics: Company News Markets,Economic Events,North America
  • Reuters ID: LVA004016803012023RP1
  • Aspect Ratio: 16:9
  • Story Text: Tesla Inc., shares started 2023 where they left off last year, dropping by as much as 10.5% on Tuesday (January 3) on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable automaker.
    Once worth more than $1 trillion, Tesla lost more than 65% in market value in a tumultuous 2022.
    Tuesday's slide came after the electric vehicle maker missed estimates for fourth-quarter deliveries despite shipping a record number of vehicles.
    Several Wall Street analysts said they expected more pressure on the stock in coming months as it faces stiffer competition from other automakers and weaker global demand.
    At least four brokerages cut their price targets and earnings estimates on Tuesday, pointing to the deliveries' miss and Tesla's decision to offer more incentives to boost demand in China and the United States, the two largest global auto markets.
    (Production: Edward Baran)
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2023. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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