Tesla's market value has fallen by about $188 billion since the start of 2024, after the electric car company's stock made huge gains in 2023, according to Business Insider calculations.
Shares of the company run by Elon Musk have fallen about 23% since the beginning of the year, amid investor concerns about the fragility of the Chinese economy and the possibility of a slowdown in global electric car sales.
Tesla also lost the title of the largest electric car manufacturer to BYD, but that did not prevent the Chinese company's stock from falling by about 12% this year.
JPMorgan had expected Tesla's stock to face downside risks as the company's strategy of cutting car prices erodes profits without moving to significantly higher revenues.
Despite Tesla's losses, its current level is the same as it was during the same period last year. The stock is also about 900% higher than its level 5 years ago.
Musk's wealth is tied to his 21% stake in Tesla, and as a result his fortune has fallen by about $21 billion this year.
