Electric News Hubb
Advertisement
  • Home
  • Electric Equipments
  • Electric Vehicle
  • Contact us
No Result
View All Result
  • Home
  • Electric Equipments
  • Electric Vehicle
  • Contact us
No Result
View All Result
Electric News Hubb
No Result
View All Result
Home Electric Vehicle

Tesla Stock Has Worst Year Ever, Is Down Almost 70 Percent YTD

admin by admin
December 23, 2022
in Electric Vehicle


Tesla stock (TSLA) has seen a dramatic drop this year, losing almost 70 percent through December 22 year to date.

This means TSLA is on pace for a record annual decline that will see it erase about $626 billion of shareholder value, according to Bloomberg. A year ago, Tesla shares reached a record high, pushing the company’s valuation to more than $1 trillion for the first time. 

Now investors are struggling to see a bottom, though, with Tesla shares closing at $125.35 on December 22, compared to an all-time high of $409.97 on November 5, 2021—technically $1,229.91 as Tesla performed a 3-for-1 stock split since.

December 2022 is on track to become the worst month ever for Tesla stock, which has tumbled 36 percent so far this month. By comparison, Tesla’s shares dropped 22 percent in March 2020, when the coronavirus pandemic hit, sending financial markets into a slide.

As competition from established major automakers is intensifying, Tesla’s dominant market share is threatened, and the stock price reflects that to an extent.

45 Photos

Bloomberg quotes analysts as saying that the EV startup’s highly anticipated driving software and its battery technology are falling short of their timelines, while the futuristic design of the Cybertruck can make it a tough sell as a mainstream vehicle.

While tech shares have suffered broadly as the Federal Reserve hiked interest rates to curb inflation, sparking fears of a possible recession, Tesla shares have been among the weakest amid fears that demand for expensive EVs will drop.

To make matters worse, Elon Musk’s $44 billion purchase of Twitter fueled concern that he was reducing its focus on Tesla. The fact he sold Tesla shares worth almost $40 billion to help finance the deal clearly didn’t help either.

Several days ago, Musk confirmed he would step down as CEO of Twitter, but didn’t provide a timeline. His comments did not lead to a major rally in Tesla’s shares.

Despite the stock’s massive drop from a year ago, Tesla remains the most valuable automaker in the world, with a market cap of almost $396 billion on December 22. That’s far bigger than any other major global carmaker, with Toyota—the second-biggest—valued at about half that.



Source link

Previous Post

Top 7 Building Decarbonization Wins In 2022

Next Post

The Loss of Two Great Men

Next Post

The Loss of Two Great Men

Recommended

Hyundai Motor Group And SK On Selected Site For Its Battery JV In Georgia

December 10, 2022

Doug DeMuro Examines The 2023 Chevrolet Silverado EV

December 31, 2022

Don't miss it

Electric Vehicle

Tesla Stock Soars After Earnings Surprise — 7 Reasons Why

January 26, 2023
Electric Equipments

John Deere previews its largest CONEXPO presence to date

January 26, 2023
Electric Vehicle

Elon Musk thinks you are not smart if you don’t believe in Tesla’s Full Self-Driving value

January 26, 2023
Electric Vehicle

Tesla Energy Generation And Storage Business: Q4 2022 Results

January 26, 2023
Electric Vehicle

Elon Musk: Let’s Not Overhype Tesla Cybertruck Start Of Production

January 25, 2023
Electric Equipments

British Columbia mine grows its fleet of electric Sandvik loaders

January 25, 2023

© 2022 Electric News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Electric Equipments
  • Electric Vehicle
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Electric Equipments
  • Electric Vehicle
  • Contact us

© 2022 Electric News Hubb All rights reserved.