It’s been less than a week into 2023 and Tesla shares have plummeted more than 12% Tuesday as the EV manufacturer missed expectations along with its self-imposed goal for the year.
The shares tumbled even though the company delivered 1.3 million vehicles last year—405,278 vehicles were sold just in Q4 of 2022.
A possible decrease in demand, rise in interest rates and disrupted production in its Shanghai plant due to the rise in COVID-19 cases in China, likely contributed to the company's loss.
The year 2022 was tough for Tesla as its stocks dropped significantly—the EV manufacturer lost close to 65% of its market value last year.