The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements.
The EV maker missed revenue estimates last night by the biggest amount in more than three years despite hefty price cuts. "We continue to believe that Tesla is a car company, and that the competitive nature of the auto industry will make it difficult for any player to have a sustained profitability advantage," Bernstein analyst Toni Sacconaghi said.
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