Tesla Stock Plummets as Company Abruptly Halts Production of Cybertruck and Model Y
Tesla is pausing production of the Cybertruck and its newly-retooled Model Y, and the stock market is already responding. On the heels of a new Business Insider report about the production shutdown, which is purportedly slated for the week of June 30 based on insider interviews, fell to about $316, which is almost four percent lower than it was at the start of the day. To make matters worse, Tesla stock was already plummeting thanks to CEO Elon Musk's Robotaxi pilot being pushed yet again. While the price still way up from June 5's massive 14 percent drop to $273 — […]
Tesla is pausing production of the Cybertruck and its newly-retooled Model Y, and the stock market is already responding.
On the heels of a new Business Insider report about the production shutdown, which is purportedly slated for the week of June 30 based on insider interviews, the company's stock fell to about $316, which was almost four percent lower than it was at the start of the day. To make matters worse, Tesla stock was already sliding thanks to CEO Elon Musk's Robotaxi pilot being pushed yet again.
While Tesla's stock fortunes are still up from June 5's massive 14 percent drop to $273 — coinciding, of course, with Musk's explosive feud with president Donald Trump — there's been yet another dramatic dropoff as the multi-hyphenate CEO moves from one crisis to another.
With Tesla sales already depressed thanks to Musk's politicking, the new Model Y and the Robotaxi launch were supposed to bring the electric carmaker back from the brink. Instead, these dueling crises are proving to be yet another example of Musk over-promising and under-delivering.
As BI notes, this is the third time this year alone that Cybertruck production has been shut down as the geometric lemon proves not only to be a beacon for anti-Musk protesters to take out their frustrations, but also to be a pretty crappy car in general.
Though production pauses are par for the course in the automotive world at large, four Austin Gigafactory employees told BI that they were pretty rare at Tesla — until recently, that is.
Now that the Cybertruck and Model Y lines are down at Gigafactory, all eyes will be on Robotaxi — and given that its launch date was pushed once this month already, things aren't looking great for Tesla on that front either.
More on Tesla trouble: Old Video Shows Elon Musk Saying That What Tesla's Launching This Month Wouldn't Count as Full Self-Driving
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