BEIJING, June 26 (Xinhua) — Tesla’s share price, which has soared over the past two months, has fallen more than $100 to below the $800 mark amid a wide-ranging market sell-off triggered by fears of an outbreak. After monday’s 7.5 per cent plunge, the stock fell further on Tuesday, falling 7.3 per cent at one point and closing down more than 4 per cent at $799.91.
Tesla’s market value has evaporated by about $19 billion in the past two trading days. Still, the company’s market capitalisation is now more than GM, Ford and Fiat Chrysler combined.
Tesla’s decline Tuesday also came as the National Transportation Security Administration (NTSB) released an investigation into a fatal car crash in 2018 linked to its Autopilot autopilot assist system. In its report, the NTSB questioned Autopilot’s design and strongly criticized Tesla for its lack of system assurance.
Earlier on Tuesday, jefferies, a broker, downgraded Tesla’s stock to “hold” from “buy.”