Tesla stock starts 2024 with the worst performance at the ‎beginning of a year ‎

Despite the strong performance achieved by “Tesla” during 2023, and the doubling of its market value within 12 months, the famous billionaire Elon Musk’s company for manufacturing electric cars is heading during 2024 to achieve its worst start to the year ever.

According to Sky News, during the first two weeks of 2024, the company lost more than $94 billion in market value, bringing the share price to $218.89.

This came after the electric car manufacturer, based in Austin, Texas, was bombarded with negative news.

The most prominent challenges facing Tesla come after it announced another reduction in the prices of its cars made in China, in addition to the emergence of indicators of rising labor costs.

This also comes in light of the slow growth in demand for electric vehicles in general, especially in the United States

In a report published by Bloomberg, Cowen analyst Jeffrey Osborne said: “What worries investors about Tesla is the slowdown in growth.”

He also explained that price cuts in China increase investor fears, because they are beginning to look like “a race to the bottom for the electric car industry in light of the intense competition in that market.”

Despite the negatives, Tesla is still a major player in the global transition from traditional cars to electric cars.