Tesla shares tumble after company misses delivery target

FILE - The Tesla logo is seen at the company's store in Denver's Cherry Creek Mall on Feb. 9, 2019. Shares of Tesla tumbled Tuesday, Jan. 3, 2023, on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.DETROIT — Shares of Tesla tumbled more than 12% Tuesday on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.

The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million. Cowen and Co. analyst Jeffrey Osborne expected investors to focus on missing the delivery target, but he only saw modest negative reaction “following acute weakness the past few weeks on production cuts in China and discounting.”

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Tesla shares continue long slide after company misses delivery targetThe electric car maker fell short of CEO Elon Musk's to boost vehicle shipments by 50% nearly every year. Seems he couldn't get enough volunteers to deliver enough cars to get him over the line. Maybe he should have offered to pay people? Wouldn't that have cost less than the massive drop in value today? Looks like the CBS headline writer fell even shorter. 😑
Source: CBSNews - 🏆 87. / 68 Read more »