Tesla shares tumble after company misses delivery target

Published January 3, 2023 12:45 pm

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Shares of Tesla tumbled more than 12% Tuesday, the first full day of trading since the company announced 2022 delivery numbers that fell short of targets. The electric vehicle and solar panel maker’s stock closed at $108.10, and it’s down just under 70% since the start of last year. The stock hit its lowest point since August of 2020, and Tesla’s market value slid to $336 billion, down from over $1 trillion as recently as April. Tesla said Monday that it sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow deliveries by 50% nearly every year.

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