Elon Musk's Tesla lost $109 bn in single day amid weak outlook for 2022

IANS

New Delhi, January 31

Despite delivering a record number of cars in 2021, Elon Musk-run electric car maker Tesla lost nearly $109 billion in market valuation in a single day after its fourth-quarter earnings and outlook failed to impress the investors.

 Tesla produced 305,840 vehicles in the fourth quarter, a 70 per cent increase over the previous year.

However, Musk said last week that Tesla would not bring any new electric vehicles to market in 2022, despite so much buzz around Cybertruck, Semi truck and a cheaper Tesla.

According to him, 2022 is the year "we will be looking at factory locations to see what makes the most sense with possibly some announcement by the end of this year".

The news led to Tesla shares plunging 12 per cent, closing at $829 which was the lowest since October 14, 2021.

This was also the second time the electric car-maker lost more than $100 billion in market value in a single day, after such a fall on November 9 last year.

Musk said that 2021 was a breakthrough year for Tesla and for electric vehicles in general, as the EV maker ended last year with $5.5 billion in net income, compared to $721 million in 2020.

For the full year 2021, the company delivered 936,172 vehicles.

Tesla is also reportedly working on an electric car that may cost around $25,000.

--IANS

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