Tesla’s Dimming Growth Puts Big Seven Status Under Spotlight
- Only mega-cap whose 2024 profit estimates are down drastically
- Carmakers, suppliers globally warning of EV demand slowing
Analysts on average now expect Tesla’s 2024 earnings to be about 40% lower than what they were estimating 12 months ago.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Tesla Inc.’s massive valuation has put it among the biggest firms making up the backbone of the US stock market this year. It’s also the biggest underperformer in that group, and there are signs Wall Street’s excitement is fading.
The EV behemoth stands out as the only one of the seven biggest companies in the S&P 500 Index — a group that also includes Amazon.com Inc., Microsoft Corp., Apple Inc., Alphabet Inc., Meta Platforms Inc. and Nvidia Corp. — whose estimated profit for 2024 has declined significantly from where it was a year ago.