©Reuters. A sharp decline in Tesla shares despite the increase in sales, what is the reason?
Arabictrader.com – The US electric car maker’s shares have been witnessed Tesla (NASDAQ:) Tesla Inc fell sharply in trading yesterday, Tuesday, as the stock began its losses in pre-market trading, only to sharply deepen after the Wall Street session opened.
The sharp losses in Tesla’s stock came despite the release of its sales report yesterday, which said that deliveries of Tesla vehicles increased during the fourth quarter of 2022 by 40%, compared with the number of deliveries obtained by Tesla in the same quarter of 2021.
But despite this significant increase in Tesla’s sales, the volume of shipments fell significantly below analysts’ expectations, which led to the company’s stock taking huge losses, especially after the losses it suffered following repeated sales by the founder and Tesla CEO Elon Musk, which most recently was last month.
In trading terms, Tesla’s share fell during today’s US stock market session by 13.75% to $106.24 per share.
