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Chinese EV stocks tank after Tesla earnings disappoint

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Shares of Chinese EV makers plunged Thursday morning after Tesla CEO Elon Musk delivered grim news on Tesla’s outlook.

Hong Kong-listed shares of Chinese EV makers plunged Thursday morning after Tesla CEO Elon Musk delivered grim news on Tesla's outlook on Wednesday.

Tesla posted lower-than-expected third-quarter results on Wednesday where the company missed earnings and sales estimates.It was the first time Tesla, co-founded by Elon Musk, missed on both earnings and revenue since second-quarter 2019. Musk said the company is working to bring down the prices of its cars amid high interest rates, but it is as challenging as"Game of Thrones, but pennies."

 

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