Tesla: Stock plunges more than 10% amid sales worries

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Tesla’s stock has been the talk of investors and the market for the past few months as it saw an upward trend since the last few months, making Tesla’s CEO, Elon Musk, among the wealthiest people in the world.

The stock saw a rallying downward trend, which took a massive hit on Friday and went down by a whopping more than 10 percent.

Tesla’s stock was listed recently in January as one of the most important stocks, and it also joined the S&P 500 index amid all this. Still, it’s going rapidly downhill at the markets from the last weeks of February, and the stock has been seeing a massive selloff which is causing it to plunge to great depths.

Tesla has lost nearly a third of its market value in this selloff. This selloff is seen as a result of sales concerns for Tesla as more and more auto manufacturers now have started selling their Electric Vehicles.

Tesla valued at around 575 billion USD, which makes it the highest among the other automotive players, but the market trend has bought many volatility and questions for Tesla.

While this happens, analysts have been pointing out that the EV maker has been getting less dominant in the past few months as more options emerge in the EV market. Tesla still has a lot of belief from the investors, and Elon Musk’s vision surely helps keep Tesla different from the other competitors. Still, it’s only a matter of time till the automotive industry catches up with the EV trend, and that’s where the issue for Tesla lies.

If the volatility continues for the coming week, Tesla might see more loss in its valuation and lose a lot of market interest from the analysts and the investors.