At the close of Tuesday, the stock was down about 70 percent since the beginning of 2022.
FILE - The Tesla logo is seen at the company's store in Denver's Cherry Creek Mall on Feb. 9, 2019. Shares of Tesla tumbled Tuesday, Jan. 3, 2023, on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.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.
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. Sales grew 40% year over year, while production climbed 47% to 1.37 million. Cowen and Co. 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.”
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