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Tesla CEO Elon Musk’s warning that higher interest rates could reduce demand for electric vehicles caused stocks in the industry to crash on Thursday. As reported by Ukrinform
As reported by Ukrinform with reference to: ReutersShares of the world’s most expensive automaker fell 9.3% to $220.11, losing more than $70 billion in market value.
At the same time, some analysts are skeptical that the company can sustain the rapid growth that has distinguished it from other automakers for years.
Competitors such as Rivian Automotive, Lucid Group and Fisker lost between 4% and 5%, while traditional automakers such as Ford lost almost 2%.
These comments are said to indicate a change in tone MaskHe said last year that his company was “recession-proof.”
The company is expected to reduce its prices further this quarter to reach its annual sales target of 1.8 million vehicles.
Source: Ukrinform
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