Tesla stock plummets more than 10% after earnings miss expectations
ABC News
Tesla also warned of sluggish production in 2024.
Shares of Tesla plummeted more than 10% in afternoon trading on Thursday, less than 24 hours after the company reported earnings that fell short of expectations and cautioned of sluggish sales over the duration of this year.
Revenue and profits missed analyst expectations over the three months ending in December, according to the earnings report released on Wednesday.
In all, the company delivered 1.81 million cars in 2023, more than it had in any previous year, the earnings report said. However, Tesla has cut prices as it faces increased competition, putting downward pressure on the company's revenue.
Further, the company's vehicle delivery growth "may be notably lower" in 2024, Tesla said in the earnings release.
"Tesla is nothing more than a struggling car company," Gordon Johnson, CEO and founder of data firm GLJ Research, who is bearish on Tesla, told investors in a note Thursday reviewed by ABC News.
