Tesla Fell To 10th Place In Market Cap Target Price Down

Tesla Fell To 10th Place In Market Cap Target Price Down. On the New York Stock Exchange on the 5th (local time), Tesla’s stock price fell 3.65% from the previous day. At one point this morning, it fell as low as 6.8%, but the decline narrowed and the market closed. The closing price on this day was the lowest in about 9 months since May 19 last year ($180.14).

Tesla’s stock price fell 27.12% so far this year.

The market capitalization is around $576.64 billion (about 770 trillion won) as of today’s closing price, up from $791.41 billion (about 1057 trillion won) at the end of last year. As a result, Tesla fell to 10th place in the market capitalization ranking of U.S. listed companies, being pushed out by Broadcom ($582 billion), a communications semiconductor company.

It is believed that the decline in Tesla’s stock price on this day was influenced by media reports that German software company SAP announced that it would no longer purchase Tesla’s electric vehicles. According to Reuters and Market Watch, the German daily newspaper Handelsblatt reported, quoting a company official, that SAP, which owns 29,000 vehicles, has decided to stop purchasing Tesla vehicles.

This company cited the fact that Tesla’s car prices change frequently, making it difficult to make a purchase plan, and that Tesla does not meet its vehicle delivery schedule on time as a problem. In addition, investment bank Piper Sandler lowered its target stock price from $295 to $225, predicting that Tesla will deliver 1.93 million units this year, about 7% more than last year.

In addition to signs of a decline in demand for electric vehicles starting in the second half of last year, Tesla’s stock price has been falling since Tesla CEO Elon Musk said in an earnings announcement on the 24th of last month that this year’s growth rate will be significantly lower than last year.

See More:

‘Powell Shock’ US Stock Market Fall 0.71% Complimentary

What’s Going On With Tesla Stock Price Plummeting?

New York Oil Prices Rising With An Eye On Middle East Risks

Tesla’s Stock Price Fell 3% During The Day Due To Reports A Suspension