Tesla loses $109 billion in a single day, Elon Musk fails to impress investors

Tesla will not bring any new electric car to market in 2022.
By : HT Auto Desk
| Updated on: 31 Jan 2022, 09:30 AM
Tesla said it is not working on a $25,000 cheap EV.
Tesla said it is not working on a $25,000 cheap EV.
Tesla said it is not working on a $25,000 cheap EV.
Tesla said it is not working on a $25,000 cheap EV.

Electric car major Tesla lost around $109 billion of its market valuation in a single day after the automaker's fourth-quarter earnings and outlook failed to impress the investors. Shares of the EV maker plunged nearly 12 per cent on Thursday, reports Bloomberg. Tesla's stock closed at $829 in New York that day, which was the lowest since 14th October 2021. This was the second time Tesla lost more than $100 billion in market value in a single day slump after a fall on 9th November last year.

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(Also Read: Prototype of Tesla Cybertruck spotted at Supercharging station)

The slump in market valuation for Tesla last week was majorly due to the automaker's non-impressive earnings and shortfall to announce any new vehicle. Tesla emphasised more on a humanoid robot called Optimus, but there was nothing like bringing a new vehicle, which failed to impress the investors.

Tesla CEO Elon Musk said that the company would not bring any new electric vehicles to market in 2022. This came at a time when many hoped that Musk would present an updated product road map to the public giving clear views about the Cybertruck, Semi truck and a cheaper Tesla as well.

Tesla has been long hoped to be working on a new low-budget electric car that would be priced at around $25,000. However, the auto company ruled out the possibility of such a project as of now. It focused on artificial intelligence and autonomous driving technology instead.

Experts believe that a lack of new product vision from the company is likely to hit Tesla's future at a time when several other traditional legacy automakers and EV startups are energetically working on a host of new electric vehicle projects. The experts believe this strategy would hit Tesla's growth momentum in the coming days.

First Published Date: 31 Jan 2022, 09:30 AM IST
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