Tesla stocks plunge 12%, erasing $80 billion in valuation after Elon Musk warns sales slowdown despite price cuts

News Snapshot:

Tesla plummeted over 12 per cent on January 25 after CEO Elon Musk hinted slowdown in sales this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition, according to a Reuters report. Tesla's stock suffered its sharpest intraday percentage loss in more than a year, with $80 billion in market value wiped out on January 25. That pushed its market capitalization loss for the month to about $210 billion. Elon Musk said on January 24 that growth would be "notably lower" as Tesla is...