Tesla stock hits 15-month low as Elon Musk’s ailing EV maker prepares to announce earnings
NY Post
Tesla’s rocky year — plagued by price cuts, recalls and layoffs — continued Monday as shares of Elon Musk’s electric vehicle company dropped more than 3% ahead of Tuesday’s much-anticipated quarterly earnings.
Tesla stock fell for the seventh straight day, closing at $142.05, its lowest price since closing at $133.42 on Jan. 20, 2023.
Since the start of the year, Tesla has fallen nearly 43% — wiping out more than $60 billion from Musk’s net worth and knocking him from his perch atop the world’s richest people.
Musk’s fortune likely won’t improve Tuesday. Tesla is expected to report a 40% plunge in operating profit and its first revenue decline in four years, according to Bloomberg.
“The stock will need to undergo a potentially painful transition in ownership base, with investors previously focused on Tesla’s EV volume and cost advantage potentially throwing in the towel,” Deutsche Bank analyst Emmanuel Rosner told the outlet.
Monday’s stock drop followed an announcement over the weekend that the EV maker slashed prices in a number of its major markets, including China and Germany, following price cuts in the US, as it grapples with falling sales and an intensifying price war, especially against Chinese electric vehicles.
