2023-10-21 09:46:22
Shares of the American electric car manufacturer Tesla fell by more than 15 percent last week, closing at $211.99, following its CEO, Elon Musk, expressed pessimism regarding the overall economy in a third-quarter earnings call.
Tesla stock had its worst week this year, although it is still up regarding 96 percent since the beginning of the year until now.
In the third quarter of this year, Tesla recorded revenues of $23.35 billion and profits of $1.85 billion, which was less than expectations and low compared to the previous quarter, and profits were lower than the same quarter of last year.
The electric car giant also announced the first quarterly decline in sales this year, as it delivered 435,059 cars, while margins fell to their lowest levels in more than four years following Tesla repeatedly reduced the prices of its cars.
On the earnings call, Musk presented a very pessimistic view of the economy, stressing that cutting costs and reducing prices will be necessary for Tesla in the coming quarters, and he also repeatedly mentioned the impact of high interest rates on consumer confidence.
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