Tesla lost $94 billion in market value in the first two weeks of 2024; This marked Elon Musk’s company’s worst performance since going public. This was reported by Bloomberg.
According to the agency, the rapid decline in the value of the American company’s shares is due to increased competition from China and decreased demand for automobiles.
However, following reports from Hertz Global Holdings Inc., one of the largest car rental players, it is stated that Tesla will double its capital in 2023. With the abandonment of electric vehicles, the company’s shares fell.
Bloomberg quotes Cowen analyst Jeffrey Osborne as saying: “Investors’ main concern about Tesla is stagnating growth in the electric vehicle market.”
Tesla the other day announced About another reduction in the prices of its products in China as part of the competition.
Previously Tesla stopped Europe’s largest factory.