Tesla Big Winner on Wall Street Despite Weak Figures

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Tesla was the big winner on Wednesday’s New York stock exchanges. The electric car manufacturer has had its worst quarter in years, with sales falling and net profit more than halving.

 

Tesla faces fierce competition in China. The demand for electric cars worldwide is also under pressure because many governments are phasing out their subsidy schemes for these cars.

However, investors responded enthusiastically to Tesla’s announcement to bring cheaper electric cars to the market faster. CEO Elon Musk hopes to boost sales again with these models. The share subsequently rose about 12 percent, making up for a large part of last week’s price loss.

Tesla fell almost 14 percent last week after the company announced its largest-ever round of layoffs to cut costs.

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