Tesla is having a very bad day
Tesla is no longer the biggest automaker in America. Following the recent plummet in the electric car company's shares, the top position now belongs to General Motors, valued at $52.7 billion to Tesla's $51.6 billion.
On Thursday, Tesla's stock fell another 5 percent, continuing its multi-day tumble. Since hitting an "all-time high" just two weeks ago, Tesla's shares had dropped by a total of 20 percent as of Thursday afternoon. Losses for the week now sit at 14 percent.
The week's drop coincides with Tesla's disappointing second-quarter results, which the company has blamed on "a production issue with its 100 kilowatt-hour battery packs," CNBC reported. Tesla's new Model S also recently failed to meet top safety standards, seemingly debunking Tesla's claim that the car was the safest ever.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
High Tech editor Fred Hickey contended Tesla's stock "was pushed to ridiculous levels on the notion that the Model 3 would be a slam-dunk success," and he also noted that the company's "$100,000+ models aren't selling as well and are piling up in inventory." "This bubble stock is losing air rapidly, as it should," Hickey said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Movies to watch in November, from 'Wicked' to 'Gladiator II'
The Week Recommends A major musical adaptation, a Roman Empire sequel and a movie where Santa gets kidnapped
By Anya Jaremko-Greenwold, The Week US Published
-
Where does Elon Musk go from here?
TODAY'S BIG QUESTION After gambling big on Donald Trump's reelection bid, the world's wealthiest man is poised to become even more powerful — and controversial — than ever
By Rafi Schwartz, The Week US Published
-
Usha Vance: a political spouse with a 'conspicuous resume'
In the Spotlight The new second lady plays a behind-the-scenes role
By Joel Mathis, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published