Hyperdrive
Tesla Sinks After Warning About ‘Notably Lower’ Growth Rate
- Stock drops 10% after earnings, adding to January losses
- New low-cost vehicle could start production late next year
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Tesla Inc. shares plunged after Elon Musk’s pitch for investors to look past slower sales growth fell flat.
The stock fell as much as 10% on Thursday morning after Tesla narrowly missed earnings estimates and warned its rate of expansion will be “notably lower” this year. The company spent all of 2023 cutting prices to boost sales, which ate into profits.