Despite delivering a record number of cars in 2021, Elon Musk’s electric car company Tesla saw its market value plummet by about $109 billion in a single day after its fourth-quarter earnings and outlook disappointed investors. In the fourth quarter, Tesla produced 305,840 automobiles, up 70% over the previous year.
Despite the hoopla over the Cybertruck, Semi truck, and a cheaper Tesla, Musk announced last week that Tesla would not bring any new electric vehicles to market in 2022.
“We will be looking at production locations to see what makes the most sense,” he says, adding that “perhaps some announcement before the end of this year.” Tesla’s stock dropped 12% as a result of the announcement, closing at $829, its lowest level since October 14, 2021.This was also the second time the electric carmaker’s market value dropped by more than $100 billion in a single day, following a similar drop on November 9 last year. Musk claimed that 2021 will be a watershed moment for Tesla and electric vehicles in general, citing the company’s $5.5 billion in net profits last year, up from $721 million in 2020. The company supplied 936,172 vehicles in total in 2021.
Tesla is also said to be working on an electric automobile that will cost roughly $25,000, according to reports.
However, for the time being, the automaker has ruled out the prospect of such a project. Instead, it concentrated on artificial intelligence and self-driving technology.
Experts feel that Tesla’s future will be harmed by a lack of fresh product vision at a time when numerous other traditional legacy automakers and EV startups are working feverishly on a slew of new electric car projects. Experts feel that this method will halt Tesla’s growth in the near future.
Tesla creates electric vehicles, battery energy storage from the home to the grid, solar panels and solar roof tiles, as well as other products and services. Tesla is one of the most valuable corporations in the world, and it is still the most valued automaker, with a market capitalization of about $1 trillion. In 2020, the firm sold the most battery electric vehicles and plug-in electric vehicles in the world, accounting for 23% of the battery-electric (purely electric) market and 16% of the plug-in market (which includes plug-in hybrids). The company produces and instals solar systems in the United States through its subsidiary Tesla Energy. With 3.99 gigawatt-hours (GWh) installed in 2021, Tesla Energy is also one of the largest global suppliers of battery energy storage systems.
