Tesla's stock plummets, leaving investors uncertain about its future.
TL;DR Summary
Tesla's stock has dropped about 18% to $154 since its first-quarter earnings release on April 19, wiping out about $87 billion in market capitalization. The dip in share price is due to a bad first-quarter gross profit margin miss, which Wall Street blamed on Tesla's steady drumbeat of price cuts in the quarter. Meanwhile, General Motors stood up a strong first quarter on Monday despite Tesla's price cuts, touting market share gains in EVs and detailing plans to double EV production in the second half of this year as it eyes taking away more of Tesla's dominance.
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