“Tesla shares close down 12% after earnings miss for biggest slump since 2020”
July 25, 2024
“…The stock closed down 12% on Wednesday at $215.99. It’s now down 13% for the year, while the Nasdaq is up 16% over that stretch. Tesla on Tuesday said auto revenue declined 7% from a year earlier to $19.9 billion while margins also fell. Total revenue increased 2% to $25.5 billion.
The company has been forced to slash prices globally and offer discounts and incentives as it faces slowing sales and rising competition, especially in China…”