Hyperdrive
Tesla Erases $145 Billion in Valuation on Demand Woes
- Stock drops over 17% since third-quarter results on Oct. 18
- Other carmakers, suppliers, analysts also flagged demand risks
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Tesla Inc. shares have wiped out nearly one-fifth of their value in less than two weeks amid growing concerns that demand for electric cars is starting to weaken.
The selloff started earlier this month when the electric-vehicle giant dialed back growth expectations during its third quarter earnings call. That was followed by grim commentary from several global automakers, as well as Wall Street analysts. This week, battery-maker Panasonic Holdings Corp. and chipmaker ON Semiconductor Corp. also sounded alarms for the EV industry.