Tesla lost $109 Billion in a Single Day
Elon Musk’s electric car manufacturer, Tesla, lost around $109 billion in its market valuation in a single day after its fourth-quarter earnings despite delivering a record number of cars. The company produced 305,840 vehicles in the fourth quarter, representing a 70% increase compared to the last year.
CEO Elon Musk has also said that the company is not planning to bring in the new EVs in 2022. He said that the company will be looking at factory locations to see what makes sense with possibly some announcement by the end of this year. The announcement took the shares down by 12% closing at $829, the lowest since October 2021.
It is also the second time that the company has lost over $100 billion in its market value in a single day. Tesla delivered 936,172 vehicles in 2021 with $5.5 billion in net income, compared to $721 million in 2020. The company is working on electric cars that can cost around $25,000.