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Tesla shares tumbled.

Tesla shares

Tesla shares tumbled on the first day of trading in 2023 after the group’s new vehicle deliveries fell short of Wall Street expectations. The US tech rout also pushed Apple’s market capitalisation $1tn below its peak. Fears that the electric-car maker faces a slowdown in demand sent Tesla shares down more than 14 per cent in midday trading. Recent months have been chaotic for Apple, which in November said it was experiencing «significant» disruptions in the assembly of high-end iPhones following an outbreak of Covid at a mega factory in Zhengzhou, which Foxconn, its biggest assembler, runs. Manufacturing problems in China and the uncertain economic outlook in the US have also raised concerns over Tesla’s prospects.

Tesla said it had delivered 405,278 vehicles in the three months to the end of December, an 11 per cent increase from the record it hit in the preceding quarter. The disappointment over the fourth-quarter shortfall came despite record quarterly deliveries in the latest three months, as Tesla’s new plants in Berlin and Texas continued to increase production. In addition, the iPhone maker’s business performed strongly during the coronavirus pandemic, and in the 12 months to September, it reported a record $394bn in revenue and nearly $100bn in net profit.

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Comments

  1. Tim4 January 2023 at 13:19

    Apple needs to shift some of its operations to the US or other countries except for China. Otherwise they will always have similar problems.

    ReplyDelete
    Replies
    1. Philip4 January 2023 at 13:58

      This goes triple right now when China is battling this huge wave of Covid. Taiwan or Singapore maybe?

      Delete
    2. Paolo4 January 2023 at 19:24

      China has not been a reliable place to do business with for some time now. Covid has only worsened the problem. It’s time to look elsewhere, Apple. India is a good place to go, I think.

      Delete
  2. Jade4 January 2023 at 20:16

    Tesla might be down right now, but it soon get back up. It's a good time to buy some Tesla shares.

    ReplyDelete

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