The tailspin in Tesla Inc. shares accelerated Tuesday as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks. tesla musk
The tailspin in Tesla Inc. shares accelerated Tuesday as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks and put the stock on pace for its longest losing streak since 2018.
“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimated revenue growth “is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.show.
“Our sense is the company’s market share has peaked and concerns about its over-reliance on China for profits and the factory shutdown are weighing on the stock,” said Jeffrey Osborne, an analyst at Cowen. Tesla “appears to have burned through its backlog as they are resorting to promotions to move cars and delivery lead times are 1-2 weeks in the majority of the world.”
Tesla has now seen nearly $700 billion of shareholder value evaporate this year. The collapse is among the biggest contributors to the S&P 500’s decline in 2022, after Amazon.com Inc., Microsoft Corp. and Apple Inc.
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