Tesla’s deepening stock rout obliterates half of meteoric 2020 rise
For a lot of reasons, investors are worried that demand is slippingModel Y during Thailand Tesla's official launch event in Bangkok earlier this month. The tailspin in Tesla shares accelerated Tuesday as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks and put the stock on pace for its longest losing streak since 2018.
News of reduced production in Shanghai comes on the heels of last week’s report that Tesla was offering U.S. consumers a $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.
Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show.drove a spectacular eight-fold rally in the shares in 2020, earning its place in the S&P 500 and at one point making it the fifth-most valuable stock in the gauge. Wall Street analysts have started flagging warnings about EV demand, with the average 12-month price target for Tesla falling 10% just this month. Meanwhile, the average adjusted earnings estimate for 2022 has declined over 4% from just three months ago.
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