In one of today's trading sessions, Tesla's share price fell 11,55%. This lowered the company's market valuation by $109 billion. Tesla currently has a market capitalization of $832,6 billion. At a fourth-quarter conference on Wednesday, Tesla CEO Elon Musk focused on research and development this year on the humanoid robot Optimus.
He claims that this year there will be no new models and developments. In addition, he confirms that the company is not working on the $25 Model 000. In addition, production of the Cybertruck pickup is delayed until 3.
This disappointed many investors who were looking forward to Musk's "updated product roadmap" for good news about the Cybertruck, semi-trailer and future product plans.
Edward Moya, senior market analyst at Oanda Corp, said: "Tesla is clearly dwindling and the lack of a low-budget car launch in the $20 range is really dampening growth prospects as competition tries to catch up."
Tesla India – negotiations in full
According to Elon Musk, CEO of Tesla, the company is innovating things to enter the Indian market. On Thursday, he gave a reason why the company has yet to enter the Indian market. He claims that the company faces many "interactions with the government." This basically means that Tesla and the Indian government have not yet reached an agreement.
Musk expected the company to enter the Indian market in 2019, but this did not happen three years later. Earlier Thursday, Musk said in response to a user who asked via Twitter when Tesla vehicles would be available in the Indian market, said, "Still working on a lot of issues with the government."
Indian government wants 'Made in India' cars
Negotiations between Tesla, Musk and the Indian government have been going on for years. However, negotiations stalled on issues such as building a local factory and import duties. There are reports that India's import tariffs are as high as 100%.
The Indian government has also asked the company to increase purchases from the local market and submit detailed production plans. Musk has called for tariff cuts so Tesla can sell imported cars at lower prices in India, where consumption levels are lower.
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