Tesla Shares Head for Worst Year Ever!
Tesla Inc. is on pace for its worst annual stock performance on record!
As demand declines for the car company’s electric vehicles and slumps in the broader market in a higher interest rate environment.
Tweet on Tesla stock plunge
Tesla's shares continued their retreat in Tuesday trading, with the electric automaker's stock recently on track for its lowest close since September 2020!!#tesla #stock pic.twitter.com/Dscesub2JJ
— The_Journalbiz (@the_journalbiz) December 27, 2022
FactSet Chart on Tesla stock fluctuations
Tesla’s share slide marks a sharp reversal for the world’s most valuable car company.
The electric-vehicle maker had been one of the auto industry’s biggest winners during the early 2020s, a period plagued by chip shortages, snarled global supply chains and shutdowns related to Covid-19.
Tesla entered 2022 from a position of strength, buoyed by better-than-expected results throughout the Covid-19 pandemic and strong vehicle pricing.
The company has delivered more than a dozen consecutive profitable quarters, helping the electric-vehicle maker that once had a record of being starved for cash in building up a roughly $20 billion cushion, rivaling that of some legacy car manufacturers.
The stock was recently off more than 8%, pulled down in part by weekend reports that the company suspended production at its plant in Shanghai. Broader markets wavered Tuesday.
The company’s once-highflying shares are down in 10 of the last 11 trading days, according to Dow Jones Market Data, and off some 27% during a seven-session losing streak.
*The stock is now down 68% in 2022, on track for its worst annual performance ever.
