A year ago Tesla’s market value surpassed $1.2trn, more than most other car firms put together. Since then it has lost 72% of that
The latest blow came on January 3rd, after Tesla missed analysts’ expectations for deliveries for the third quarter in a row and reported that the gap between production and deliveries had grown, suggesting softening demand for itss. It lost 12% of its value—roughly $50bn, or one Ford Motor Company—in a day.
Mr Musk has always regarded his company as a tech firm, a peer of digital giants like Alphabet, Apple or Meta, not of old-economy metal-bashers such as Toyota or Volkswagen. For a time, so did the market—first as tech shares soared amid the pandemic-era boom in all things digital, then as they slumped last year, after their growth began to slow and higher interest rates made their promised future profits look less valuable today.
In the past few months, however, Tesla’s share price has suffered a sharper correction than big tech. This has coincided with its more mundane tribulations as a car business. Having managed to avoid the worst of the pandemic supply-chain disruptions, Tesla has been caught up in China’s chaotic retreat from its zero-covid policy; its big factory in Shanghai has been hit by virus-related shutdowns.
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