Elon Musk, CEO of SpaceX and Tesla and owner of X, formerly known as Twitter magazine, just behind Bernard Arnault and family, who control the French luxury empire LVMH. Now, while he is still worth nearly $200bn, thanks to the fall in the value of his shareholding indespite price cuts, and its share price declined by more than 5 per cent to push it down by one third so far this year.
The saturation point is the key one. Tesla, despite the fall in its share price, is still worth more than $520bn. That makes it by far the most valuable car manufacturer in the world, way ahead of Toyota, worth $388bn. Yet the Toyota group last year made. So you see the heady valuation the markets put on Tesla is based on hopes of further growth. You cannot justify its present share price on what it is producing at the moment.
of sales of pure battery cars in the first two months of 2024 was up slightly on last year: 15.8 per cent of the total, as opposed to 14.3 per cent. We don’t yet have figures for March, but if that proportion continues to nudge up, that should confirm the view of the optimists that the switch is still under way.
The Chinese state-owned company Chery, which has a controlling interest in Lotus and makes the iconic London black cabs, has also said it is considering
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