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Tesla stock tumbles to start 2023 as the EV maker’s vehicle deliveries miss forecasts

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Elon Musk pointing downTesla CEO Elon Musk.

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  • Tesla stock fell as much as 7% in its first day of trading in 2023.
  • The EV maker reported 405,000 deliveries in the fourth quarter, less than the expected 430,000. 
  • Meanwhile, South Korea’s antitrust regulator said it was fining Tesla $2.2 million for false advertising. 

After a tumultuous 2022 that saw Tesla stock drop 65%, shares fell as much as 7% on the first day of trading in the new year.

The stock loss came after the electric-vehicle maker said it delivered fewer cars than anticipated over the last 12 months. It made 1.31 million deliveries, below its goal of about 1.4 million, the company said. 

In the fourth quarter, Tesla notched 405,000 deliveries, less than the expected 430,000. 

While those deliveries figures weighed on Elon Musk’s car company, as well as production snags in Shanghai due to COVID-19, Musk has attributed the slide to macro headwinds and Fed monetary policy.

To be sure, climbing interest rates have weighed on other growth stocks. The S&P 500 saw a nearly 20% decline and global markets were pummled over the last 12 months. However, Musk’s acquisition of Twitter and then subsequent social media antics have drawn particular ire of critics and Tesla investors. 

“The Twitter nightmare continues as Musk uses Tesla as his own ATM machine to keep funding the red ink at Twitter which gets worse by the day as more advertisers flee the platform with controversy increasing driven by Musk,” Wedbush analyst Dan Ives wrote in a recent note. “When does it end?”

Read the original article on Business Insider
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