Elon Musk delivers a warning and downplays Cybertruck, causing Tesla shares to slump 9%.
Tesla shares fell 9% on Thursday, a day after the electric automaker reported third-quarter results that fell short on both the top and bottom lines.
Tesla announced revenue of $23.35 billion and adjusted earnings of 66 cents per share,
both of which fell short of Wall Street's expectations.
It was Tesla's first loss in both earnings and revenue since the second quarter of 2019.
During the company's quarterly call with investors, CEO Elon Musk provided dismal commentary about the global economy,
citing concerns about the high loan rate environment and claiming that it makes it more difficult for consumers to buy cars.
Musk stated that Tesla is aiming to reduce vehicle costs,
which will be prioritized before the business goes "full-tilt" on building a new factory in Mexico.
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