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Tesla gets a $94 billion reality check as EV winter sets in

Livemint · 10m

Tesla has experienced its worst start to a year ever, losing over $94 billion in market valuation in just two weeks. The Austin-based electric vehicle (EV) maker has been hit by a series of negative news including an about-face from Hertz Global Holdings Inc., price cuts for its cars made in China, and rising labor costs. Slowing growth in demand for EVs, especially in the US, has investors concerned about stagnating growth. Tesla's market capitalization drop is the largest since it went public in 2010. The EV maker has also been hampered by labor cost increases and re-routing shipments due to security concerns. Despite the challenges, Tesla remains a major player in the global transition to electric vehicles.