Tesla sinks after supply chain warning, which affects other automakers

FILE PHOTO: A Tesla logo is pictured on a Model S inside a Tesla dealership in New York, United States, April 29, 2016. REUTERS/Lucas Jackson

By Noel Randewich and Hyunjoo Jin

Jan 27 (Reuters) – Shares of Tesla Inc. fell on Thursday, dragging down rivals after the leading electric car maker delayed the launch of new vehicles until next year due to supply chain disruptions that, he said, they could last this whole year.

Shares of Tesla fell 8%, marking a 30% drop from its all-time high in November and its biggest one-day percentage drop since then, as the US company’s strong quarterly results were accompanied by a warning about the supply chain.

Chief Executive Elon Musk said in a quarterly conference call that Tesla would not launch new models like the Cybertruck this year as it would dampen volume growth amid supply chain difficulties, which would not ease until next year. .

Musk said that Tesla would focus on increasing the volume of existing models in 2022 by more than 50% rather than launching new ones.

The warning bodes ill for traditional and emerging automakers, who have promised new electric vehicle models in the coming months.

“Even Tesla is having problems. Other electric vehicle companies are not going to be able to produce these vehicles as fast as they want,” Curzio Research CEO Frank Curzio said, adding that volume growth for many new models could be delayed. until 2023.

Shares of other electric vehicle manufacturers also fell. Rivian Automotive Inc was down 9% and on track to close at its lowest point since its November debut.

Lucid Group Inc fell 11%, Lordstown Motors Corp lost 8% and Nikola Corp fell more than 7%. Shares in Chinese electric vehicle maker Xpeng Inc sank nearly 9%.

(Reporting by Noel Randewich and Hyunjoo Jin in San Francisco; additional reporting by Joe White and Nivedita Balu; Editing in Spanish by Javier López de Lérida)


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