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Tesla Stock Plummets: What's the Cause?

Cindy Mutia Annur 05/10/2022 11:40 WIB

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Tesla (TSLA) stock price fell 22.85 points to US$242.40 at the close of trading on Monday, October 3, 2022.

Tesla Stock Price (January 3 - October 3, 2022)

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Tesla Stock Price (January 3 - October 3, 2022)

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Tesla (TSLA) stock price fell 22.85 points to US$242.4 at the close of trading on Monday local time (October 3, 2022).

According to *CNBC International*, the drop in Tesla's stock price followed the electric vehicle manufacturer's release of Q3 2022 vehicle delivery figures that fell short of analyst expectations.

According to the company's report, Tesla reported 343,830 vehicle deliveries and 365,923 vehicle productions during the third quarter of this year. This delivery figure is lower than FactSet analysts' expectation of 364,660 units.

Furthermore, according to *CNBC International*, Tesla faced difficulties at its new factories in Germany and Texas due to executive changes and surging commodity prices in the third quarter of 2022.

Overall, Tesla's stock price has been trending downward since the beginning of 2022. This is due to several issues Tesla faced since the beginning of the year, such as hampered factory performance in China due to the lockdown in late May.

Previously, Tesla's stock also plummeted when its owner, Elon Musk, announced his investment in Twitter in April 2022.

Nevertheless, Jeffrey Osborne, Managing Director for Energy, Sustainability and Mobility Tech at Cowen, believes that Tesla has ample cash and has undertaken global manufacturing expansion in China, Berlin, and Texas.

"While competition in the electric vehicle industry continues to heat up, Tesla's focus on efficiency and investment in battery technology is likely to make it difficult for competitors to catch up in the short term," said Jeffrey, as quoted by *CNBC International*, Monday (October 3, 2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Tesla Stock Plummets: What's the Cause?

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