Investors have pulled nearly half-a-trillion dollars from the struggling automaker ahead of what’s widely expected to be Tesla’s worst result in seven years.
The stock fell as much as 5 per cent during trading and closed 3.4 per cent lower at $US142.05 in its seventh-straight losing session.
“Some of the Chinese manufacturers are pumping out some pretty decent EVs, so the question was how could Tesla keep these super high margins against the competition – and now we’re seeing them compress to something more like a normal automaker.”from Sydney hedge fund Totus Capital, who is avoiding the stock, despite owning other tech giants, including Amazon and Alphabet.
“Tesla will aim to stabilise unit gross profit margins in the automotive segment and focus on improving company-wide operating profit margins, so we see no reason to change our outlook for the company.”
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