Musk put his focus on Twitter, coupled with weak demand for electric vehicles, Tesla's stock price has fallen by nearly 70% this year.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Due to weak demand for electric vehicles and concerns that CEO Elon Musk will focus on Twitter, Tesla (Tesla) has fallen by nearly 70% this year.

Musk called out to employees on Wednesday (28th) that they should not be troubled by the madness of the stock market, and will go all out to sprint the delivery volume at the end of the quarter in the next few days.

Musk wrote in an email to Tesla employees on Wednesday, "Please go all out in the next few days and sprint the delivery volume as spontaneously as possible. This will have a real impact!" In addition, He also urged employees not to be bothered by the madness of the stock market. He believes that in the long run, Tesla will become the most valuable company on earth.

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Analysts expected Tesla to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data.

As Tesla’s stock price plummeted, the value of stock awards the company had previously handed out to employees has also shrunk.

Tesla's stock price rebounded from a deep fall on Wednesday, closing up 3.31% at $112.71 per share.

The stock tumbled more than 11% on Tuesday to its lowest point since August 2020, wiping out $720 billion (approximately NT$22 trillion) in market value this year.

Morgan Stanley analysts lowered their target price on the stock from $330 to $250, saying that the undersupply in the past two years will turn into an oversupply in 2023.

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