Tesla is a huge reference brand in the electric and non-electric car segment. As such, it is also often the subject of articles for several reasons. But, for the more observant, there's something not right with Tesla! Is it a cause for concern?
Tesla loses $70 billion in one day
In a scenario almost similar to what is happening with cryptocurrencies, the value of electric car giant Tesla fell by 12.13% in just one day and its value fell by 26% in a few weeks. After all, in this 12% “drop” (the lowest value since May 2023), Tesla lost $70 billion in one day.
Tesla has already admitted that it will sell fewer cars this year, but it has also not provided any kind of estimate.
It should be noted that Tesla has risen in recent years Growth at a rate exceeding 10%, but such a scenario is becoming difficult to achieve. Slowing economic growth, declining demand for electric vehicles and increasing competition are the challenges that the company will have to face, as reported by Jornal de Negocios.
The stock decline is also affecting other electric vehicle makers like Rivian, which is down 2.22%, and Lucid, which is down 5.67%.
As we mentioned here Musk's company also faces the challenge of losing its position as the world's largest electric vehicle producer to BYD. The Chinese company produced 3 million electric cars in 2023, compared to 1.81 million Tesla cars. However, BYD has 1.6 million electric vehicles and 1.4 million hybrids, so Tesla has some room to come out on top.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
