Tesla Shares Plunge 11% as Q4 Sales Miss Expectations, Competition Rises
• Tesla shares plunged as much as 11%, wiping out $73 billion in market value, after reporting disappointing Q4 earnings and sales growth below expectations • Tesla warned growth in electric vehicle sales this year "may be notably lower" than 2022 and it faces rising competition from Chinese rivals like BYD • Q4 operating margin almost halved to 8.2% from last year amid rising costs related to new Cybertruck production • Tesla has cut prices for over a year to boost sales but now faces its first quarterly loss to BYD in China in Q4 2022 • Some analysts still optimistic about long-term growth prospects with new lower-cost model launches, declining interest rates stimulating demand