Tesla shares started 2023 where they left off last year, plunging more than 14% on January 3, on growing worries about weakening demand and logistical problems that have hampered deliveries for the world’s most valuable automaker.
Once worth more than $1 trillion, Tesla lost more than 65% in market value in a tumultuous 2022. The Guardian reports that January 3’s slide knocked off nearly $60 billion in market value, roughly equal to the valuation of rival Ford, which last year sold three times as many cars as Tesla.
The sell-off came after Tesla missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles.
The company’s stock was the worst performer on the benchmark S&P 500 index on January 3, as it fell to $105.
As of the morning of January 3, it was the second-most traded stock on the U.S. exchanges, with nearly 142m shares changing hands.
Several Wall Street analysts said they expected more pressure on the stock in coming months as it faces stiff competition from other automakers and weaker global demand.
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