Tesla has been down more than 20% from its record high close of $883.09, which it hit the day before releasing fourth quarter results that were below Wall Street forecasts. The high point for Tesla shares Monday was enough to briefly take the stock out of bear market territory. Some analysts believe suspending Model S and X production was due to the computer chip shortage that has hurt automakers around the world and caused widespread shutdowns of factories and assembly lines. Most automakers don’t shut down production of models that are being updated for three months. It said it is ramping up production of the new versions of the Model S and Model X, but in January CEO Elon Musk had promised that Tesla would resume deliveries of the new version of the Model S in February, and the new version of the Model X soon thereafter. Tesla did not explain why it did not build any of the more expensive models in the quarter. Markets were closed Friday, but Tesla stock opened above $700 in trading Monday, reaching a high of $708, before retreating to just below $700 by midday, still up 5% from Thursday’s close. But it achieved a record number of deliveries of the less expensive Model 3 sedan and Model Y SUV in the same period. The Tesla stock decline also has cost Musk billions, bumping him out of the top spot for the world’s wealthiest person, according to Forbes.No Model S or Model X cars on the Tesla assembly line is apparently no problem for investors.įriday Tesla revealed it did not build any of its two most expensive models, the Model S sedan and Model X SUV, in the first quarter. Investors will be able to see Tesla's production line, discuss expansion plans and see the platform that will go beneath Tesla's next generation of vehicles. In an apparent effort to shore up the stock price, Tesla announced Monday that it would hold an investor day event on March 1 at its factory near Austin. Investors will need to see stability in profit margins despite lower prices, and demand and order trends showing resumed growth this year for the stock to get further support, Osborne wrote in a note to investors early Tuesday. analyst Jeffrey Osborne expected investors to focus on missing the delivery target, but he only saw modest negative reaction “following acute weakness the past few weeks on production cuts in China and discounting.” Tesla Inc., based in Austin, Texas, also had to deal with rising cases of novel coronavirus in China, which hampered production at its Shanghai factory.Ĭowen and Co. Analysts said that Tesla also offered discounts in China, leading some to question whether demand for the company's vehicles is softening.
on the Models Y and 3, the company’s top-selling models. The shortfall came despite a major year-end sales push that included rare $7,500 discounts in the U.S. Sales grew 40% year over year, while production climbed 47% to 1.37 million. The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Tesla said Monday that it sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow deliveries by 50% nearly every year. The stock hit its lowest point since August of 2020, and Tesla's market value, according to FactSet, slid to $341 billion, down from over $1 trillion as recently as April. The electric vehicle and solar panel maker's stock closed at $108.10, and it's down just under 70% since the start of last year.
#Tesla stock deliveries full#
DETROIT - Shares of Tesla tumbled more than 12% Tuesday on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.
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