Here is a snippet of insight on why Tesla Stock keeps tanking.
Tesla ($TSLA) missed its initial 2022 target of 1.4 million vehicle deliveries after delivering 1.31 million for the year. Tesla did not comment on deliveries, but a company news release revealed that production and distribution changes left more vehicles in transit to their final destination at year-end.
Tesla had tried to lure buyers in the US with discounts of up to $7,500 in the last days of December, and had issued price cuts across China as consumer interest in its cars wanes amid competition from new rivals. Pandemic-enforced shutdowns at its factory in China over the summer also stalled sales in Asia for the carmaker. Tesla's sales are seen as a bellwether of electric car demand due to their popularity. The EV market has suffered increasing jitters as petrol prices fall and electricity costs rise. Dan Ives, an analyst at Wedbush Securities, said the delivery numbers were "better than worst case fears" and a "relatively good performance in a tough backdrop".
Elon's leadership at Tesla has been called into question after his takeover of Twitter. The billionaire has implemented a series of dramatic policy changes to improve free expression on the website, including rescinding bans on hundreds of previously blocked accounts. However, his efforts have sparked protests from activist groups amid warnings over hate speech on the social network.
Tesla's share price plunged in 2022: it lost approximately 72% of its value, Elon is the first person in the history of the world to loose over $200 Billion in net worth.
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