Massive loss: Construction workers busy on a charging station at the company’s corporate headquarters in Texas. Tesla’s quarterly earnings fell short of Wall Street’s expectations, losing approximately US$675bil (RM2.97 trillion) in market valuation. — AFP博彩平台网址大全（www.99cx.vip）是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。博彩平台网址大全上博彩平台网址大全登录线路、博彩平台网址大全代理网址更新最快。博彩平台网址大全开放皇冠官方会员注册、皇冠官方代理开户等业务。
NEW YORK: More analysts covering Tesla Inc are cutting their share price forecasts, fuelling a selloff in the stock after the electric vehicle (EV) maker delivered fewer vehicles than expected in the last quarter despite offering hefty incentives in its biggest markets.
The shares plunged as much as 14% on Tuesday, the biggest intraday decline since September 2020, after the company said a day earlier that it handed over 405,278 vehicles to customers in the last three months – short of the 420,760 average estimate compiled by Bloomberg.
That prompted multiple Wall Street analysts to reduce their price targets, resulting in Tesla’s lowest average 12-month target price since October 2021.
The fourth quarter delivery miss will likely escalate concerns over near-term macroeconomic and competitive demand pressures, Citigroup Inc analyst Itay Michaeli wrote in a note.
“With sentiment already quite negative, an argument can be made that much of the bad news is already priced in.”,
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Another day of declines for Tesla extends the stock’s 37% plunge in December, its fifth month of losses.
The company is facing less demand than expected as it ramps up production capacity amid concerns about chief executive officer Elon Musk’s share sales and stretched leadership.
“This year will likely prove to be a difficult one for Tesla due to margin pressures and ever-growing competition, but the EV maker is here to stay and demand will continue to grow,” said Peter Garnry, head of equity strategy at Saxo Bank.
“But for now, the fourth quarter delivery miss will add to investor worries over Tesla.”
Some analysts are cautiously optimistic. For Truist analyst William Stein, now might be the time to buy the dip. Still, he reduced his price target to US$299 (RM1,316.95) from US$348 (RM1,532.77). — Bloomberg