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Tesla shares are down 11% after the electric car maker delivered fewer vehicles than expected
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Tesla shares fell more than 12 percent yesterday after delivering fewer electric cars than expected.
In another setback for CEO Elon Musk, the company said it delivered 405,278 vehicles in the last quarter of 2022.
Despite being an all-time high, it fell below Wall Street estimates at 430,000, sending shares lower on the first day of trading in 2023, following a painful 65 percent sell-off in 2022.
Slow track: Another setback for CEO Elon Musk (pictured), Tesla said it delivered 405,278 vehicles in the last quarter of 2022
The company, which saw its market value peak at more than $1 trillion, is now worth $339 billion.
The fall in Tesla’s share price has made Musk the only person in history to have cleared $200 billion from his net worth – though his net worth still stands at $137 billion (£115 billion).
Tesla is still the world’s most valuable automaker, even though production is a fraction of that of rivals such as Japan’s Toyota.
Global automakers have suffered a drop in demand in China in recent months, where the spread of Covid-19 has hit consumer spending.
Tesla has tried to cope with the pressure by offering hefty rebates in the country, as well as a subsidy for insurance costs.