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

Regardless of delivering a report variety of vehicles in 2021, Elon Musk-run electrical automotive maker Tesla misplaced practically $109 billion in market valuation in a single day after its fourth-quarter earnings and outlook did not impress the buyers.

Tesla produced 305,840 autos within the fourth quarter, a 70 per cent improve over the earlier yr.

Nevertheless, Musk stated final week that Tesla wouldn’t carry any new electrical autos to market in 2022, regardless of a lot buzz round Cybertruck, Semi truck and a less expensive Tesla.

In keeping with him, 2022 is the yr “we will likely be taking a look at manufacturing unit areas to see what makes essentially the most sense with probably some announcement by the tip of this yr”.

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

This was additionally the second time the electrical car-maker misplaced greater than $100 billion in market worth in a single day, after such a fall on November 9 final yr.

Musk stated that 2021 was a breakthrough yr for Tesla and for electrical autos generally, because the EV maker ended final yr with $5.5 billion in internet revenue, in comparison with $721 million in 2020.

For the total yr 2021, the corporate delivered 936,172 autos.

Tesla can also be reportedly engaged on an electrical automotive that will price round $25,000.