Well, for one thing, the lithium miners continue their descent. Here's the largest, Albemarle, via BigCharts:
Down $5.71 (-2.63%) at $211.15.
Tesla itself is getting whacked, down $17.86 (14.50%) at $105.32.
And from Yahoo Finance:
Tesla stock is starting 2023 on the wrong foot after the automaker reported a delivery miss for the fourth quarter.
Tesla delivered 405,278 vehicles globally for the quarter, missing analyst expectations of 420,760 as compiled by Bloomberg. For the quarter, Tesla produced 439,701 vehicles, a number that exceeded deliveries by 34,423 vehicles.
Tesla explained the rising difference between deliveries and units produced, claiming it “continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter.”
For the year, Tesla deliveries climbed 40% to 1.31 million units, representing an all-time high for the company, though shy of its 50% growth rate the company has targeted, though last quarter the company hinted it may fall short of that goal.
Nevertheless, Wall Street analysts are weighing in on the quarterly miss, and some are concerned about demand.
“Although the soft Q4 outcome isn’t entirely shocking given recent China COVID developments, the delivery miss (vs reduced estimates and post recent price actions) will likely escalate concerns over [near term] macro/competitive demand pressures at a time when Tesla is adding significant capacity on existing products,” Citi analyst Itay Michaeli said in a note today. “Until gross margin visibility improves (Q4 results on Jan 25th), the stock might struggle to regain meaningful ground, and it doesn’t help that U.S. IRA guidelines appear to limit the $80k price cap to just the three-row Model Y variants.”
Wedbush’s Dan Ives, once a noted Tesla bull, has grown sour in recent months over Tesla’s stock performance. He is still concerned following the Q4 delivery report....
....MUCH MORE
