Tesla Inc.’s much-awaited investor day failed to live up to the hype, and the shares of the electric vehicle maker are paying the price.
(Bloomberg) — Tesla Inc.’s much-awaited investor day failed to live up to the hype, and the shares of the electric vehicle maker are paying the price.
Share price of the Elon Musk-led company tumbled as much as 8.3% to $186.01 in New York on Thursday, the biggest intraday plunge since Jan. 3.
The stock had rallied sharply over the past two months, as investors piled in ahead of the event that many expected may unveil the plans for a cheaper new electric car. Instead, the event was light on any specific details about the next vehicle.
The investor day “was heavy on discussion relative to clean energy transition and on the company’s approach to designing and developing vehicles generally, but short on specifics or measurable metrics to track its progress,” JPMorgan analyst Ryan Brinkman wrote in a note.
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