Tesla shares started 2023 by dropping more than 10% on growing worries about weakening demand and logistical problems. Tesla's China chief, Tom Zhu, will head the carmaker’s U.S. assembly plants as well as sales operations in North America and Europe
Tesla misses Q4 vehicle deliveries estimateshares kicked off 2023 with a thud, plunging more than 13% on Tuesday on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable automaker.lost more than 65% in market value in a tumultuous 2022 that saw it increasingly challenged by other automakers and as it struggled to deal with production issues that hampered deliveries.
At least four brokerages cut their price targets and earnings estimates on Tuesday, pointing to the deliveries miss and Tesla's decision to offer more incentives to boost demand in"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," Wedbush Securities analyst Dan Ives said.
At a value of about $335 billion, Tesla is still the world's most valuable automaker, even though its production is a fraction of rivals such as Toyota Motor CorpTesla delivered 405,278 vehicles in the fourth quarter, short of analysts' estimates of 431,117. For all of 2022, its deliveries rose by 40%, missing Musk's 50% annual target.
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