Tesla shares sink after Elon Musk’s ‘Master Plan’ fails to charge up investors
The stock, which had lost about two-thirds of its value in 2022, has climbed more than 60% so far this year.
“The timeline and cost details were limited, and the event lacked a Tesla-like surprise,” Wells Fargo analyst Colin Langan said. Tesla’s events have created a stir on the internet in the past, with Musk’s dance moves at the opening of the company’s Berlin plant in 2022 and an event in China in 2020 going viral on social media.
The company’s plan to use 75 per cent less silicon carbide vehicles without compromising the performance or the efficiency of the car also weighed on semiconductor maker and supplier STMicroelectronics’ shares.The reduction plan was “bad news for the whole silicon carbide production chain and in particular for STMicro,” Brokerage Equita said. It estimates that Tesla accounted for 70 per cent of 2022 semiconductor sales at STMicro.
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