Tesla shares tumble after falling short on delivery numbers
Published By: DS Staff on Jan 04, 2023
Tesla shares dropped more than 12% on the first full day of trading yesterday|Rawpixel|CC0 1.0
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.
Inflation hits Tesla’s second-quarter earnings
Published By: DS Staff on Jul 21, 2022
Tesla sells 75% of its Bitcoin|Randychiu|CC BY 2.0
A quarterly decline in electric car maker Tesla’s revenue has forced the company to sell 75% of its Bitcoin holdings to meet liquidity challenges, according to a company report released Wednesday.
The sale added $936 million to the firm’s cash flow.
Tesla made $16.9 billion in revenue in the second quarter, compared to $18.8 billion in the first quarter, while the company's net profits slid from $3.32 billion to $2.26 billion.
Elon Musk’s Tesla blamed the high rate of Inflation, supply chain constraints and an extended shutdown due to COVID-19 in China for the low revenue.
