EV - Why Tesla Stock Dropped Once More Today

January, 05 2023 03:15 PM Eaton Vance Corporation

Tesla Stock (NASDAQ: TSLA)

As further news from the previous quarter was made public on Thursday morning, Tesla ( NASDAQ: TSLA ) stock saw yet another decline of 5%. The price of Tesla stock has decreased by more than 70 percent over the last year and is now trading at its lowest level since August 2020. As of 11:05 a.m. Eastern Time, Tesla stock prices were trading 4.9% lower than they had been at the start of the trading day.

Then What?

One piece of evidence after another seems to explain why Tesla stock prices continue to fall. Just in December, the share price fell by roughly forty percent. More recently, investors were dissatisfied with its report on car deliveries for the fourth quarter and the entire year of 2022. The drop that occurred today is connected to it, and one significant new data point was derived from that information.

What’s Next?

A little over 405,000 electric cars were delivered to customers during the fourth quarter, according to a report that Tesla released earlier this week on their delivery deficit for the quarter. This resulted in dissatisfaction among investors, who are now aware that the production of automobiles at the company’s facility in Shanghai, China, was a primary contributor.

According to a report in Barron’s, information given by China’s Passenger Car Association revealed that Tesla delivered less than 56,000 cars from the Shanghai site in December. This was a significant decrease compared to November, the company’s most productive month; during that month, the Shanghai factory supplied or exported more than 100,000 units.

This decline is especially worrying given that this specific facility is regarded as the most lucrative for the corporation. In addition to this, it was the primary focus of recent expenditur...

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Company Name:	Eaton Vance Corporation
Stock Symbol:	EV
Market:	NYSE