Tesla tumbled nearly 9% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins and raised investor concerns at the world’s most valuable automaker.
Musk said growth would be “notably lower” as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.
But his remarks fell flat with investors, with Tesla set to about $50 billion in market value, if losses hold. Its stock was already down 16.4% this month, as of last close.
