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Last Week, Tesla’s CEO Elon Musk Told Company Employees Not to Be “Bothered by the Madness of the Stock Market,” Shortly After the Company’s Shares Fell Nearly 70% at Year-End Due to a Drop in Demand for Electric Vehicles.
In an email sent to company employees, Elon Musk stated that he believes long-term, Tesla will be the most valuable company in the world. In this sense, in addition to bringing some light to the unstable electric vehicle landscape, the CEO also calmed the nerves of those who were anxious about the current situation.
Moreover, he also asked Tesla employees to ramp up deliveries by the end of this quarter, after the company offered discounts on its cars in the U.S. and China.
In the email, Musk stated: “Please do your best in the coming days and volunteer to help with the delivery if possible. This will make a real difference!” According to Refinitiv data, Tesla is expected to deliver 442,453 electric vehicles in the fourth quarter.
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Drop in Tesla Shares Doesn’t Seem to Worry Elon Musk
At the end of 2022, the drop in Tesla’s stock price significantly affected the value of stocks owned by employees of the electric car manufacturer. Thus, Tesla offers stock-based compensation to most employees, including factory workers.
Following a reduced production schedule for its Shanghai factory, the company’s shares experienced an 11% drop. Therefore, this measure affected not only Tesla employees, but also Elon Musk, who addressed the situation via email.
In the message, Musk stated, “By the way, don’t worry too much about the madness of the stock market. As we demonstrate excellent continuous performance, the market will recognize that.” To conclude, the billionaire added, “Long-term, I strongly believe that Tesla will be the most valuable company on Earth!”
Due to the situation, Morgan Stanley analysts lowered their price target for shares from US$330 to US$250, stating that the last two years of demand exceeding supply will be substantially reversed to supply exceeding demand in 2023.
Chinese Consumers Protest Tesla Price Cuts
Last Saturday, the 31st, several Chinese citizens took to the streets to protest the price reductions of the Tesla Model Y and Model 3 at a delivery center of Tesla in Shanghai. The protests occurred after the automaker cut vehicle prices for the third time in three months.
According to consumers, they did not believe that the prices charged by Tesla at the end of last year would be cut as abruptly as they were last week. According to Reuters, the decision was made to encourage the purchase of these Tesla models in China.
Despite the outrage, Tesla is not considering compensating buyers who accepted delivery before the current price. Facing sales issues, Tesla has been changing its pricing policy daily to stimulate electric vehicle consumption worldwide.
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