Tesla shares crater 17% after coronavirus delays Model 3 deliveries

CNBC ^ | Feb 5 2020 | Arjun Kharpal

[Paal Gulli]

Tesla shares crater 17% after coronavirus delays Model 3 deliveries

Published Wed, Feb 5 20207:34 AM EST
Updated 4 hours ago

Arjun Kharpal

Key Points

* A Tesla executive said that cars initially scheduled for delivery in early February will be delayed due to the outbreak of the new coronavirus.

* Tesla shares fell 17.18% Wednesday.

* Tesla began rolling out Model 3 vehicles from its Shanghai Gigafactory to Chinese customers in January.

Tesla shares fell 17.18% Wednesday after a company executive said that cars initially scheduled for delivery in early February will be delayed due to the outbreak of the new coronavirus. The huge fall comes after two spectacular days for the stock earlier this week.

Tesla shares were up nearly 20% on Monday and another 13.7% on Tuesday. Tesla on Wednesday did avoid setting a record for its biggest single-day loss, which happened in 2012 when the stock fell 19.3%. But it was still the second-worst day for Tesla.

Tesla stock down was down as much as 20% during intraday trading Wednesday. The company's market cap stands at $132.4 billion.

The electric carmaker began rolling out Model 3 vehicles from its Shanghai Gigafactory to Chinese customers in January.

Tesla has kept its Shanghai factory closed after the Lunar New Year following government guidelines due to the outbreak of the new coronavirus, which has now infected at least 24,000 in more than two dozen countries and killed about 490 in China.

"The proposed delivery (of cars) in early February will be delayed," Tao Lin, vice president at Tesla, ...
..."We will catch up the production line once the outbreak situation gets better."...

[Paal Gulli]

But wait, there's more ...

Fremont police Tesla runs low on juice during high-speed chase

Trouble with Tesla: Couple sold damaged car but told they can’t sue

Tesla’s Futuristic Door Handles Blamed for Death in Fiery Wreck

Fortunately, Teslas NEVER catch fire ... or do they???

Tesla’s U.S. Sales Drop 39% in Third Quarter

Video: Tesla Drivers Wait Up to an Hour to Charge Electric Vehicles

Tesla on autopilot rear-ended Connecticut cop car as driver checked on dog: police

Alarming video shows driverless Tesla car cruising down a road the wrong way after being automatically ‘summoned’ by owner using smartphone app

U.S. agency probes 12th Tesla crash tied to possible Autopilot use

Tesla vehicles are now committing homicide on the streets of America. Why isn’t the corporation being held responsible?

How Tesla and its doctor made sure injured employees didn’t get workers’ comp

And if Tesla is REALLY doing that well, how come ... Congress Quietly Considers A De Facto Bailout For Tesla And GM

Police Wasted £1.5 Million on Electric Cars That Can’t Chase Criminals

Our Tesla Model 3 Suffered a Catastrophic Failure While Parked

And say "hello" to the new Audi Quattro: Feds Will Review Tesla ‘Sudden Unintended Acceleration’ Complaints

Tesla’s Solar Business Is a Disaster

Dangerous Idiot Sleeps While Driving His Tesla on Autopilot

Tesla cybertruck's "bullet-proof" windows shattered by a pitched baseball And they got 200,000 advance orders anyway. What's that old saying about fools and money ... ?

Tesla swooped in to save Puerto Rico. It was a disaster.

Yup, this is exactly the company I want to buy a space flight to Mars from.

[jerod]

LOL....Too funny... Maybe they should take their Mars money and spend it on trying to meet their obligations and expectations for vehicle deliveries... Something they can’t ever seem to do.

[TexasGator]

You can go on a Russian rocket!

[TexasGator]

Last quarter they produced 105k and delivered 112k vehicles!

[null and void]

Bring Out Your Dead

Post to me or FReep mail to be on/off the Bring Out Your Dead ping list.

The purpose of the “Bring Out Your Dead” ping list (formerly the “Ebola” ping list) is very early warning of emerging pandemics, as such it has a high false positive rate.

So far the false positive rate is 100%.

At some point we may well have a high mortality pandemic, and likely as not the “Bring Out Your Dead” threads will miss the beginning entirely.

*sigh* Such is life, and death...

If a quarantine saves just one child's life, it's worth it.

[TexasGator]

Two months ago your source wrote:

“Roth Capital analyst Craig Irwin, who downgraded the stock to “sell” from “neutral,” stated that he sees the firm’s current margins as unsustainable. Tesla stock was down by nearly 3 percent at $318.66 at the time of the writing of this article.”

I bet he is kicking himself now!

[Tolerance Sucks Rocks]

I’m moving up the time I get my spark plugs replaced in my Honda Civic. No telling when those supplies will get disrupted.

[Jane Long]

Good idea!!

[Jane Long]

Here we go!

[Theoria]

No worries. Ya can make money on the ups and downs.

[redgolum]

I have been doing similar things.

Waiting for more cases in the US.

But something tells me sparkplugs won’t be a big worry if it goes up.

[logi_cal869]

Forgot a BIG one:

Tesla warns customers of the end of federal tax credit, says to order now

[SaxxonWoods]

The 2020 Tesla is here!

For a limited time, with free coronavirus!

[cornfedcowboy]

I know a guy that shorted the stock at $300. This was only about 8 months ago.

[dayglored]

> Here we go!

Indeed.

Nully's been a right busy boy this evening.

[JudgemAll]

No bailout for Tesla let alone chicom GM

[JudgemAll]

Will Tesla mount a witch hunt now...

2 gal of gas is more energy than the whole Tesla battery and lithium is running out in the world

No matter of tax breaks and help can counter that. This government subsidy into black hole inefficient projects is nuts

[wny]

$13 billion in debt, never turned a profit, and people are panic buying the stock counting on an even bigger fool paying them more for it later.