• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Energy Stocks Rally Under The Radar

Energy Stocks Rally Under The Radar

Big Oil is trumping the…

Tesla Loses $100B In Market Cap In Single Day After Musk Paints Gloomy Picture

Tesla's stock fell hard on Thursday, losing more than 10% after the EV maker reported weak earnings and received disappointing comments from Tesla CEO Elon Musk.

In what Barron's referred to as a mini-disaster, Tesla's shares fell to $217.47 at 3:00 p.m. ET on Thursday—a 10.39% loss on the day. Tesla's market cap fell to just over $681 billion after the company's Q3 report was released, hich showed the car company failed to meet expectations for Q3 gross margin, profit, and revenue. The company's market cap on October 17 was $809 billion.

On the company's earnings call, CEO Elon Musk voiced concern that high interest rates were deterring car buyers and said that the company had become hesitant about its plans to build a factory in Mexico as it weighed the economic landscape. Tesla has had to slash prices for its EVs in recent months and has taken measures to cut costs, hurting its profit margins.

Musk said he was concerned that the high interest rates would continue to dissuade buyers from purchasing EVs.

"If the macroeconomic conditions are stormy, even the best ship is still going to have tough times," Musk said on the earnings call.

The earnings call was so downbeat that Tesla saw about $100B in market cap erased in just over a day.

For its Q3 report, Tesla reported $2.35 billion in revenue and $1.85 billion in profits—down from Q2. Profits were also down compared to the same quarter last year.

The company's Cybertruck is set for a November 30 launch from its Texas factory, but Musk warned that there were "enormous challenges" with scaling Cybertruck production and making it cashflow positive.


Tesla's stock began to fall on Wednesday but continued its fall on Thursday.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News