Tesla stock dips 50% year-on-year

Tesla Inc. shares have tumbled about 50 per cent from their all-time high, amid a broader selloff in the US stock market that had hit growth and technology companies especially hard.

The electric vehicle maker's shares closed down 7.6 per cent to $204.99 on October 14, taking its market capitalization to $642 billion. The decline has now sliced in half the stock’s November 4, 2021 record closing high of $409.97, Bloomberg reports.

Market experts agreed that Tesla shares have collapsed due to the ongoing general collapse in the US stock markets.

They said another reason is a decrease in car deliveries in the third quarter due to logistics difficulties.

According to experts, the volume of car production was also affected by coronavirus (COVID-19) restrictions in Shanghai, where one of the company's largest factories is located. The demand is also affected by rising car prices.