Tesla shares have lost more than $150 billion in value since posting disappointing third quarter earnings and hinting at weakened demand over the final months of the year.
shares treaded near the lowest levels in five months Tuesday, extending their decline past 20% since the carmaker's third quarter earnings last week, amid a host of indicators that suggest a rough ride ahead for the global EV market.
Panasonic Holdings posted a third quarter loss, and lowered its full-year profit outlook, citing muted sales of Tesla's high-end Model S and Model X cars even amid the multi-level price cuts put in place in order to stoke demand and maintain market share.guidance miss . ON sells silicon carbide chips to EV makers and cited “increased risk to automotive demand due to high interest rates.
"I think we want to just get a sense for the global economy is like before we go full tilt on the Mexico factory," Musk told investors last week."If interest rates remain high or if they go even higher, it's that much harder for people to buy the car. They simply can't afford it."Tesla is also facing increasing competition in China, its most important market and the world's biggest EV space, as its state-backed rival BYD posted record third quarter profits of $1.
The stock is also down around 20% since it published its third quarter earnings on October 18, which showed profits down 37% from last year to 66 cents per share, even as revenues jumped 9.1% to $23.4 billion.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FanDuel Promo Code: Bet $5 Get $150 for Bears vs. Chargers on Sunday Night FootballBet $5, get $150 for Bears vs. Chargers on Sunday Night Football!
Read more »
This early Black Friday deal gets you an Apple Watch for under $150The Apple Watch SE (1st gen) might not be the latest tech but it's a great smartwatch for those on a budget. Here's why you need to grab it while it's on sale.
Read more »
Amazon's Fire Max 11 tablet just dropped to a record-low price of $150Amazon's Fire Max 11 tablet just dropped to a record-low price of $150, representing a savings of $80. This is the lowest price ever for the company’s most powerful tablet and part of an early Black Friday deal.
Read more »
FanDuel promo code awards $150 in bonus bets for Dbacks-Rangers, or any game MondayYou can get in on the action with the latest FanDuel promo code offer. You can claim a bet $5, get $150 offer where you can get $150 in bonus bets when you make a first wager for as little as $5. H…
Read more »
FanDuel Promo Code: Bet $5 on Raiders-Lions Moneyline, Get $150 Bonus Bets You WinRight now, new FanDuel can earn an extra $150 bonus bets by betting on Monday Night Football. Wager $5 on tonight's moneyline, and if it wins, you get an additional $150 bonus bets!
Read more »
bet365 bonus code NYPNEWS: Snag $1K promo or $150 for Raiders-Lions; $365 in KentuckyNew York Post readers can use the bet365 Sportsbook bonus code NYPNEWS to get a new customer offer for the Detroit Lions hosting the Las Vegas Raiders on “Monday Night Football.”
Read more »