Tesla stock price fell more than 11% on Thursday in the wake of Tesla’s latest earnings call to investors, in which record profits and earnings were overshadowed by the impact of ongoing supply chain troubles. supply in product launches and electric vehicles.
Tesla stock price, trading under the ticker TSLA, had fallen 167 points on the NASDAQ over the past five days as of Friday morning (Jan 28), with Tesla shares trading down 16 .79% at the beginning of the week.
While the market has yet to open in the US on Friday, Tesla shares may continue to slide after CEO Elon Musk revealed on Wednesday’s earnings call that Tesla will not produce any new vehicles in 2022, but will instead seek the potential of his next humanoid Optimus. robot revealed at the company’s AI day last year.
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But what did Elon Musk say on Tesla’s latest earnings call, and what’s causing Tesla stock to drop this week?
Here’s what you need to know about the Tesla stock price crash, the latest TSLA stock price, and what happened.
How much are Tesla shares worth today?
While markets have yet to open in the US on Friday morning, Tesla shares closed on the NASDAQ at 829.10 per share down 11.55% in the previous 24 hours.
Tesla stock price lost roughly 108 points over the course of Thursday, after the impact of the company’s boring earnings call for investors led to a drop from 933.76 at 9:30 a.m. to 829 ,10 at 4:00 p.m.
Its latest share price has seen a further decline from its soaring high of over $1,208.59 per share on November 1, 2021.
With the post-earnings slump, Tesla shares are trading down nearly 24% in the past month and down more than 30% in value year-to-date.
What did Elon Musk say on Tesla’s earnings call?
Tesla’s earnings call saw the company report earnings and revenue that beat Wall Street expectations, with revenue growth of 65% year over year in the fourth quarter of 2021 and a record profit of $5.5 billion last year.
On Wednesday’s Tesla earnings call, the company’s irreverent CEO Elon Musk emphasized the company’s focus on research and development of its full self-driving software, with Musk saying he believes the driving software Autonomous Tesla will be responsible for the majority of Tesla vehicle sales once perfected.
But Musk disappointed investors when he revealed the company would not focus on producing a highly anticipated $25,000 electric vehicle or any new cars this year.
“If we were to introduce new vehicles, our total vehicle production would go down,” Musk said.
“We will not introduce new vehicle models this year.”
In response to an investor who asked about the progress of plans for a more affordable Tesla vehicle, Musk explained: “Well, we’re not currently working on a $25,000 car.
“At some point, we will, but we have enough on our plate right now, too much on our plate, frankly.
“Then at some point, there will be.
Musk added: “I think that’s kind of a question that, it’s the wrong question.
“Really, what really matters is when the car is autonomous.
“I think at the point where it’s autonomous, the cost of transportation goes down, I don’t know, a factor of 4 or 5.”
Musk also used the investor earnings call to emphasize the importance of Optimus, the company’s planned humanoid robot, in this year’s product plans.
“The biggest product development we’re doing this year is actually the Optimus humanoid robot,” Musk said.
“I think this has the potential to be more significant than the vehicle business over time.”
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