Tesla's top executive in China, Tom Zhu, has been promoted to take direct oversight of the company's U.S. assembly plants as well as sales operations in North America and Europe. The company’s shares dropped by more than 10% at the start of the new year
Tesla misses Q4 vehicle deliveries estimateshares kicked off 2023 with a thud, plunging more than 12% on Tuesday on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable automaker.lost more than 65% in market value in a tumultuous 2022 that saw it increasingly challenged by other automakers and face production issues stemming from COVID lockdowns in China.
Global automakers have in the past few months battled a demand downturn in China, the world's top auto market where the spread of COVID-19 has hit economic growth and consumer spending. Tesla is offering hefty discounts there and a subsidy for insurance costs. "You have so many things working against the stock. One obviously is Musk's involvement in Twitter," said Dennis Dick, market structure analyst and trader at Triple D Trading.
The result "came at the cost of higher incentives, suggesting lower pricing and margin," brokerage J.P.Morgan said in a note, lowering its price target by $25 to $125.
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