Tesla’s Value Drops $12 Billion Ahead of Model 3 Rollout
- Plateauing deliveries and Volvo competition hammer shares
- GM regains lead as the nation’s most valuable automaker
Munster Calls Tesla Model 3 a 'Radical Change'
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Heading into a day that should be cause for celebration, with Tesla Inc.’s first Model 3 sedan rolling off the assembly line, Elon Musk’s electric-car maker has watched $12 billion in stock-market value slip away.
Most of the drop since the June 23 peak of almost $63 billion occurred just this week. Underwhelming quarterly sales released Monday showed a plateau in demand for the high-priced Model S and Model X vehicles ahead of the debut of Tesla’s cheaper sedan. When paired with Volvo Car Group’s vow to electrify its lineup in the coming years, investors demonstrated their concern both about execution and competitive risk.