Shares of the American electric car manufacturer Tesla fell by more than 15 percent last week, closing at $211.99, after its CEO, Elon Musk, expressed pessimism about the overall economy in a third-quarter earnings call.
Tesla stock recorded its worst week this year, although it is still up about 96 percent since the beginning of the year until now.
In the third quarter of this year, Tesla recorded revenues of $23.35 billion and profits of $1.85 billion, which was lower than expectations and low compared to the previous quarter, and profits were lower than the same quarter of last year.
The electric car giant also reported its first quarterly decline in sales this year, delivering 435,059 vehicles, while margins fell to their lowest levels in more than four years after Tesla repeatedly cut the prices of its cars.
On the earnings call, Musk presented a very pessimistic view of the economy, stressing that cutting costs and reducing prices will be necessary for Tesla in the coming quarters, and he also repeatedly mentioned the impact of high interest rates on consumer confidence.
