Australian shares set to advance at the open. Wall Street lower as investors assessed the pain ahead for growth stocks. Apple slide sees value fall below $US2 trillion. Treasury yields declined across the curve. Follow for updates.
Shares of Tesla tumbled Tuesday on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.
The electric vehicle and solar panel maker’s stock was down almost 13 per cent in late afternoon trading and it’s down just under 70 per cent since the start of last year. The stock hit its lowest point since August of 2020, and its market value slid to $334 billion, down from over $1 trillion as recently as April.
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 per cent nearly every year.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 per cent growth target. Sales grew 40 per cent year over year, while production climbed 47 per cent to 1.37 million.
The shortfall came despite a major year-end sales push that included rare $US7,500 discounts in the US on the Models Y and 3, the company’s top-selling models. Analysts said that Tesla also offered discounts in China, leading some to question whether demand for the company’s vehicles is softening.
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