Shares of electric vehicle (EV) major Tesla have corrected more than 15 percent in the last 30 days, despite a positive performance in the period October-December (Q4). The company’s services segment grew by 37 percent sequentially, while the energy and storage segment grew by 54 percent in the quarter-under-review.
However, shares of billionaire Elon Musk-led company have underperformed and corrected 34.16 percent year-to-date, according to Trading.biz analyst Rahul Nambiampurth. On Tuesday, Tesla shares last traded 0.89 percent lower at $172.25 versus a previous close of $173.80 on the Nasdaq.
According to the analyst, Tesla’s annual profits for 2023 have decreased by 23 percent, which is one of the main reasons for the stock’s underperformance. These lackluster figures have also impacted overall revenue and profitability per vehicle, the analyst believes.
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Published: 19 Mar 2024, 21:24 IST