Tesla Falls as CEO Musk Predicts Chinese Sales Decline
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Tesla Motors Inc. tumbled the most in more than two months after Chief Executive Officer Elon Musk cited slowing sales in China amid charging concerns and said the electric-car maker won’t become profitable until 2020, when annual deliveries reach 500,000.
Tesla fell 5.7 percent to $192.69 at the close in New York, for the biggest one-day drop since Oct. 27. The stock’s slide came after Musk’s first-ever appearance at the Automotive News World Congress yesterday, where he reiterated a comment about China that he made a day earlier to Bloomberg News. The shares, which had gained 48 percent in 2014, are down 13 percent this year.