Tesla's Energy Unit Falters, Stock Drops
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Teslas stock plummeted on Thursday, dropping 5.43% to $360.56, as first-quarter deliveries of 358,223 vehicles fell short of analysts expectations of 365,000. The companys energy storage deployments also declined, marking a 15% year-over-year drop and a steep 38% quarter-over-quarter slide. Despite broader market gains, investors sold off Tesla shares, causing the stock to underperform its peers. Teslas pivot towards energy storage and other ventures has been a key driver of its stock price, which has surged 22,577% since its 2010 IPO. However, the recent miss has investors on edge, as the company faces pressure across the automotive industry.
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