Tesla stock went down considerably on Wednesday, with investors selling off due to issues surrounding the delivery of their latest models, which came up with lower sales than anticipated. Tesla did not deliver as many of its latest car, the Model 3 sedan, as expected in the fourth quarter.
The company also slashed prices by around $2,000 dollars after losing out on a green tax credit that would have allowed a considerable cut for their low environmental impact. It’s been a volatile year for the electric car company led by billionaire Elon Musk, like lawsuits, departing executives, and ups and downs in the market plagued the vehicle manufacturers.
Investors have been off and on, and quick to relinquish stock in a company many believe is in a variable state, some thinking the company had reached its peak potential. Shares dropped 8 percent, and the stock price now sits at $305 per share.
While the Model 3 sales were lower than expected and Tesla’s market position has weakened, the company did have solid sales in their luxury Models S and X in 2018.
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