Tesla Stock Drops after Disappointing Fourth-Quarter Results
Tesla stock plummeted 8% in premarket trading after the company reported fourth-quarter revenue and profit that fell short of analysts’ expectations. The electric vehicle company also issued a warning that its vehicle volume growth in 2024 could be significantly lower than last year’s growth rate. Despite this news, Tesla’s automotive revenue only saw a 1% increase from the previous year, partly due to the company implementing steep price cuts in the second half of 2023. In a recent presentation, Tesla stated that it is currently between two major growth waves, causing uncertainty among investors.
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