Delay in the release of robotaxis Tesla stock price suffers a heavy blow
Tesla's stock price plummeted by 8.44% due to the delay in the release of robotaxis, causing its market value to evaporate by over $60 billion. Prior to this, Tesla's stock price had been rising for 11 consecutive days, but with declining sales and profits, the market's enthusiasm for electric vehicles has also waned. Tesla's market share in the U.S. electric vehicle market has dropped to 49.7%, surpassing competitors such as Ford. Investors were optimistic about Tesla's potential, but the current situation is rather pessimistic
According to the Zhitong Finance and Economics APP, on Thursday, Tesla (TSLA.US) stock price suffered a heavy blow as the company announced that the highly anticipated robotaxi launch would be delayed from August to October. This news caused Tesla's stock price to plummet by over 8%, wiping out more than $60 billion in market value. At the close, the stock fell by 8.44% to $241.03.
Prior to this, Tesla's stock price had been rising steadily, supported by double-digit revenue growth. The strong performance of the stock had already raised concerns for some before the news of the delay in the launch of the self-driving robotaxi. As of Wednesday, Tesla's stock had surged by 44% and had risen for 11 consecutive days, marking the longest streak since June 2023. According to data compiled by Bloomberg, Tesla's forward P/E ratio is at 90 times, a level last seen in early 2022.
Investors are optimistic about the potential of Tesla's electric vehicles and are betting that Musk can build the company into an artificial intelligence giant, hence the continuous surge in Tesla's stock price. They believe that when Musk finally launches Tesla's self-driving robotaxi, it will solidify the company's position as a leading AI enterprise.
However, the reality appears more pessimistic. Market enthusiasm for electric vehicles has waned, Tesla's sales are declining, and profits are decreasing.
According to the latest electric vehicle sales report from Cox Automotive, Tesla's market share in the U.S. electric vehicle market has dropped below 50% for the first time, falling to 49.7%. Meanwhile, Cox estimates that electric vehicles account for about 8% of the overall market, higher than the 7.2% in the second quarter of last year, marking a "record-breaking" quarter.
The report shows that Tesla currently holds a 49.7% market share, while Ford's (F.US) Mustang Mach-E, Ford Lightning EV pickup, and E-Transit van hold a 7.2% market share in second place