Sunday, July 3

Tesla loses profits from Hertz deal

Profits vanish in Tesla which has lost the profits obtained at the end of October with the agreement by $ 4.2 million with Hertz, according Esha Dey y Bre Bradham en Yahoo Finance.

Tesla fell a 3,5% on Monday and closed in $ 899.94, pushing the shares below where they had closed just before the $ 4.2 billion Hertz deal was revealed on Oct. 25.

The stock, which peaked on November 4, is down a 21% in December, bracing for the worst month since the pandemic-driven slide in March 2020.

What was the agreement with Hertz?

Hertz’s request for 100,000 vehicles it had sent Tesla shares soaring almost vertically, pushing the company’s valuation well above the coveted trillion-dollar mark. However, the rally soon began to falter after Musk began to ditch some of his stake in the company. The market capitalization is now approximately $ 904 billion.

Generalized falls in the sector

A broad market crash hit Tesla on Monday and renewable energy companies such as solar companies and other electric vehicle manufacturers. They performed very poorly after the senador Joe Manchin say it would not support President Joe Biden’s spending plan. Nikola Corp. fell 7.3%, the most since November 18, while Rivian Automotive Inc. fell 7.9%. Workhorse Group Inc. was down 8.9% and Lordstown Motors Corp. was down 8.2%.

Ei indicators for Tesla are mostly bearish.

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