Dubai: Hisham Muchanh
In the worst week for “Tesla” since March 2020, a new tweet from CEO Elon Musk that “already 7 very busy days” added insult to injury and sent the company’s shares plummeting nearly 16%, closing at $ 223.07 yesterday, Friday.
The giant electric car manufacturer had recently released production and delivery data for Gaft units, analysts’ expectations; Also, Musk started stirring up a political storm a few days ago by voicing his opinion on ways to resolve the war in Ukraine.
Additionally, public records reveal that Musk informed a Delaware court of his decision to proceed with the $ 44 billion acquisition of Twitter after trying to evade it for months.
As a result, Musk may have to sell another stake in Tesla to finance the acquisition.
According to estimates compiled by Factset’s Street Account, analysts expected Tesla would ship 364,660 cars for the period ending September 30, 2022, but the latter reported 343,000 electric vehicles delivered and 365,000 products, despite the start of work on two new factories for the company in Brandenburg, Germany, and Austin, Texas.
In the midst of it all, analysts questioned whether the company is now facing an erosion of demand in China amid fierce competition from BYD, backed by Warren Buffett.
