Tesla Inc. (NASDAQ:TSLA) is set to release its fourth-quarter earnings late Wednesday, this comes as the electric vehicle manufacturer plans to establish new manufacturing in Texas and Germany. However, the stock of Tesla plunged severely on Monday, as the market continued to fall, but then the stock recovered as the main indices did as well.
Tesla has already recorded record-breaking Q4 deliveries of 308,600 units, bringing the total number of vehicles delivered in 2021 to a staggering 936,172. Tesla delivered 296,850 Model 3 and Y vehicles in the fourth quarter, as well as 11,750 Model S and X vehicles.
From these initial figures, Tesla appeared to manage chip shortages and supply-chain concerns more effectively than some competing automakers, which impressed Wall Street.
Tesla stock hits new lows
Source – TradingView
Yesterday on the stock market, shares of Tesla gapped down to as low as $851.47, extending a strong sell-off from above $1,200 on January 4. On the other hand, TSLA has pared its losses and is now trading at $930, down 1.5 percent.
The stock of Tesla has a double-bottomed foundation with a purchase point of just above $1,200. In addition, the TSLA chart has become even more jumbled following Monday’s intraday drop below the second leg of the “W.”
Tesla’s relative strength line has also dropped dramatically in recent weeks. As a result, the stock has an RS Rating of 94 out of a maximum of 99. It also has an EPS rating of 72.
As Tesla shares dropped, things were the same amongst other U.S.-based carmakers, which have a growing EV lineup; GM shares plummeted 1.2 percent, Ford 1.3 percent, and Rivian cut a large loss to 1%. The Lucid (LCID) closed completely flat.
Amongst Tesla’s Chinese rivals, Nio (NIO) declined 9.1%, Xpeng (XPEV) fell 4.35 percent, and Li Auto (Li) fell 2.3 percent. BYD (BYDDF), which is funded by Warren Buffett, reversed by 5.1 percent.
La notizia The stock of Tesla is being crushed, but it may find support era stato segnalata su Invezz.