Shares in US electric car maker Tesla fell more than 6% after markets opened on Tuesday. This is proven by data from the New York Stock Exchange. The drop comes as the company decided to cut working hours at its Shanghai factory in January 2023 due to a coronavirus outbreak. The production of electric cars in the first quarter of 2023 is therefore expected to fall significantly.
However, problems at the factory in Shanghai are only the reason for today’s drop, but the company’s shares fell for the sixth session in a row. Compared to the end of December last year, Tesla’s value has fallen about 65%. The main reason for the long decline is the company’s inability to meet its EV production targets for the second half of 2022, as well as increased reports of EV problems. Tesla owner Elon Musk is no longer the richest man on the planet.
Trading resumed on Tuesday in New York after a Christmas break. Shares of major US airlines, including Southwest Airlines and Delta, which had to cancel thousands of flights over the recent holiday season due to a major snowstorm, also fell significantly (up to 4%). (cup)