Tesla's shares plunge further to start 2023 on weaker than expected sales

Tesla reported record 2022 sales of 1.3 million vehicles, up 40% from the 2021 total, but well below the 50% growth target the company set early in the year. While it had already warned it would miss that aggressive full-year target, its fourth quarter sales of 405,278 cars was far weaker than feared. It represented growth of only 31% from a year earlier, and was well below the median estimate of 431,000 according to analysts polled by Refinitiv.

The 13% drop in Tesla shares, if it holds, would be the worst day for Tesla shares in more than two years. The company's shares ended 2022 down 65% for the year, greatly cutting into Musk's net worth and knocking him out of his position as the world's richest person. It was the worst year ever for Tesla shares, which gained 743% in 2020 and another 50% in 2021.

The drop in sales came despite the company's two price cuts in December for US buyers who completed their purchase by year end. The fact that global sales were well short of the 439,000 cars it built in the period raised new concerns about weakening demand for Tesla cars in the face of numerous headwinds.

"Demand overall is starting to crack a bit for Tesla and the company will need to adjust and cut prices more especially in China, which remains the key to the growth story," said Dan Ives, tech analyst for Wedbush Securities."The Cinderella ride is over for Tesla."© 2023 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CNN contributed to this report.

Source: News Formal (newsformal.com)

Tesla’s been dead

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

13 full moons will be viewable in 2023With the new year come 13 chances to get a look at a full moon.
Source: wsfa12news - 🏆 338. / 59 Read more »

13 full moons will be viewable in 2023The Wolf Moon will be in the sky soon!
Source: cleveland19news - 🏆 70. / 68 Read more »

Jim Cramer's Investing Club meeting Tuesday: 2023 mantra, infrastructure stocks, AppleInvesting Club: 3 investing lessons from the Club’s meeting Tuesday: 2023 mantra, infrastructure stocks, Apple How can anyone with half a brain buy into this investment club? jimcramer literally destroyed people who followed his calls last year. He’s gotta be down 50% easy Majority of his recommendations were calamitous, which caused many people their life savings. It’s common sense not to believe anyone who looks at a stock for a few seconds and tells you to “buy, buy, buy”, or “sell, sell, sell”
Source: CNBC - 🏆 12. / 72 Read more »

Tesla Starts 2023 With Multiple 'New Year' Incentives In ChinaThere was a question of whether Tesla's long list of incentives would only apply to the end of 2022. Now, the EV brand is offering more deals in China for 2023.
Source: InsideEVs - 🏆 579. / 51 Read more »

Some analysts see a buying opportunity in Tesla for 2023 despite persistent demand pressuresSome analysts see a buying opportunity in Tesla in 2023 — though others think the car maker's recent deliveries miss spells trouble for the EV maker. Musk is still posting lies and conspiracies on his Twitter plus lawsuits and isolating the people that actually buy Teslas We can only hope.
Source: CNBC - 🏆 12. / 72 Read more »

Tesla To Talk About New Platform Soon During Investor Day 2023The first ever Tesla Investor Day has been announced for March 1, 2023 and the company hopes that news of its affordable platform development will stop its stock price decline.
Source: InsideEVs - 🏆 579. / 51 Read more »