Tesla's Shares Plunge by 11% After Dour Earnings Call

Tesla, the world's most valuable automaker, has seen its shares plummet by as much as 11% after the market opened on Thursday, wiping out $73 billion off the company's market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. In an earnings presentation on Wednesday, Tesla reported a sizeable 38% increase in deliveries last year compared with 2022 but warned that its sales growth this year "may be notably lower" than last as it continued developing the "next-generation" vehicle, likely a lower-priced model.

The company also revealed that its financial results for the last quarter disappointed, with adjusted earnings per share down 40% from a year earlier, and revenue, which rose 3% to top $25 billion, coming in below market forecasts.

The following is a comprehensive journalist article that covers the recent developments at Tesla:

In an earnings presentation on Wednesday, Tesla reported a sizeable 38% increase in deliveries last year compared with 2022 but warned that its sales growth this year "may be notably lower" than last as it continued developing the "next-generation" vehicle, likely a lower-priced model.

The news has sent shockwaves through the automotive industry, with many analysts questioning whether Tesla's dominance in the electric vehicle market is under threat.

The company has long been seen as a pioneer in the field, but with Chinese rivals such as BYD and Nio gaining ground, some are now suggesting that Tesla's days at the top may be numbered.

Despite the recent setbacks, Tesla remains a major player in the automotive industry, with a loyal customer base and a reputation for innovation.

However, the company will need to work hard to maintain its position in the face of growing competition from China and other countries.